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Does premature distribution (Code 1) from profit sharing plan qualify for penalty exception for education expenses used for tuition?.

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Level 1
 
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4 Replies 4
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Level 8

What form is the"premature" distribution on?  

Is it a tax deferred account?  What kind of account?

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Level 15
Level 15

If you click the yellow ? on the toolbar when your cursor is on each of the lines of the 5329 where you choose the exception, it should give you more information.


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Level 3
Level 3

You can avoid the penalty for early withdrawal for education from an IRA but not from a pension.  However you can have a loan from a pension to avoid tax and penalties.  

Level 12

Code 1 on which form, and what else is selected or checkmarked on that form?

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