![]() If the taxpayer above is qualified under the law to not receive the 10% penalty and the reason for qualification is not in the usual IRS Form 1099-R.Taxpayers who needed to take from an employee plan, like a 401(k), before retirement unless they qualify for the withdrawal.The Individual should fill out Part 2 of tax Form 5329. An individual who uses the funds of a QTP for school early or ESA (education saving account) and the amount was not used for qualified expenses, and the taxpayer does not qualify for any exceptions for the early penalties. ![]()
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