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Early retirement funds - due to disability - will ii pay tax…

Early retirement funds -...

Early retirement funds - due to disability - will ii pay tax penalty for tthe early withdrawl

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

Wife took early retirement due to my disability she took out funds from retirement will we still pay penalty

Accountant's Assistant: When we are ready I'll take you to the appropriate web page.

I am ready

Accountant's Assistant: Is there anything else the Accountant should be aware of?

Not that i know of

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Answered in 5 minutes by:
7/11/2017
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 16,762
Experience: 15years with H & R Block. Divisional leader, Instructor
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Hello, I'm Robin. Welcome to JustAnswer. I'm reviewing your question now and typing up my reply. I'll post that in just a few moments.

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You will have to report the distribution when you file your return (you will get a 1099R showing that and the tax withheld) but if you are totally disabled then you file the form 5329 with your return and there would not be an additional 10% penalty.

Please let me know if you need more information.
If not then scroll up to see the STARS to rate so I am credited.

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DO you need further information about claiming the exception to the penalty?

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Customer reply replied 7 months ago
please

What specifically ?

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I advised that you will use the form 5329 in my post above but what else do you require?

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Customer reply replied 7 months ago
no thanks you been a great help

You are most welcome.
A positive 5 star rating is appreciated so I am credited for assisting. Scroll Up

Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 16,762
Experience: 15years with H & R Block. Divisional leader, Instructor
Verified
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Robin D.
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 16,762
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Experience: 15years with H & R Block. Divisional leader, Instructor

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Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

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