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72 t and irs

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Byjeane0218

L1: 72 t and irsI retired in 07 after reaching the age of 55. I took a lump sum from my co and rolled it over. I have a 72 t and receive a dist yearly. I received a letter from the IRS saying I owe an additional 10% on my dist. because I am under 59 1/2. Is there something I forgot to file telling them that this dist. is from my 72t?2010-03-29 03:39, By: jeane0218, IP: [74.81.150.51]
L2: 72 t and irsCheck the coding on the 1099s that you received. If they aren’t coded with a code of ‘2’, you should have filed IRS form 5329 to claim the exemption. You can find the current year’s 5329 HEREIf you need to provide information to the IRS be prepared to show the initial assumptions like age, interest rate and method and that your plan has been a valid SEPP plan for the period. Check our Planning Pointers page for more ideas on documentation.2010-03-29 11:03, By: Gfw, IP: [24.148.10.164]

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