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1099 codes

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Byjohn

L1: 1099 codesVanguard tells me they code all 1099.s with the” 1″ rather than “2”. They say this is policy because they don,t know who is and is not following 72t rules. If a person has a legitimate plan in effect and has followed all rules pertaining to 72tand can prove it will the irs take this into account when a 5329 is filed or does the administrator have to code with a “2” for full compliance to take place?- John2006-02-22 00:31, By: john, IP: [63.195.119.175]
L2: 1099 codesVanguard has the right to do what they are doing. Merely file form 5329 and keep good documantation.
An IRA is always (regardless of the code) between you and the IRSand you should always be prepared to justfy the planby producing good records.2006-02-22 04:12, By: Gfw, IP: [172.16.1.79]

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