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04/19/2013 at 09:23AM PDT
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04/10/10 2:53pm PDT
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1099_R distribution with code 8

 

I have a client that received a 1099-R with gross distribution amount in box 1.  Box 7 has code 8 which denotes it is a refund for excess contributions/earnings. Client is only 50 years.

(1) This amount is taxable, right?

(2) Does this client need form 5329 and pay 10% additional penalty since this is a distribution prior to 59and 1/2? 

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Yes its taxable.  It is not subject to the 10% penalty.

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