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02/11/08 10:07am PST

Distribution subject to 10% tax?

Client took a $21,000 distribution from his Qualified Pension Fund, and used the proceeds to buy his first house. Can the maximum $10,000 allowed deduction be applied to this distribution so that only $11,000 is taxed at the 10% penalty? This is an employer qualified plan not his IRA.The program does allow for the deduction on form 5329 but I am not sure if the 'qualified' plan really does allow the deduction.Comments/directions Please !Joe B

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Contributor

04/15/08 9:41pm PDT

you need to check with the employer plan to see if they allow it. It would come under the hardship rules and is not a sure thing like it is in the IRA rules. The employer is supposed to ask for sufficient documentation to determine that it truly was a hardship.

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10/02/09 12:48pm PDT

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The employer would have to tell you if it qualified based up the employer plan specifications

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