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401 K 10% PENALTY

PTC
Level 1

I have a client that under 50 and receive money from their 401K due to coronavirus where to i show a deduction of the 10% penalty

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7 Replies 7
IRonMaN
Level 15

Form 5329 - use "other" as the exception.  But you need to wait for form 8915E to file along with the 5329 to make the exception legit as far as the IRS is concerned


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Bert0611
Level 3

Is there an exception code or adding the 8915-E the explanation?

 

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Camp1040
Level 8

Does anyone check the KB first? 

Is it still cold in MN. I will check the weather channel.

Bert0611
Level 3

Searching is a first option.  When I can't/don't find an answer then I go to the community.  

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IRonMaN
Level 15

We are having a heatwave - it's actually above zero - break out the beach blankets and suntan lotion.

As a side note, using the search function here can be as successful as finding someplace in Minnesota that is 70 degrees in February.


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Camp1040
Level 8

I probably shouldn't be so grumpy then😎

Camp1040
Level 8

If you type that question in the search bar you will find the answer. 5329 and 8915E