L1: Code 2I have had a 72t now for 3 years. DOB 02-14-1960. Have been using code2 is this code still good. After reading posts on site don’t understand did irs discontinue code 2 ?2016-01-19 01:57, By: Ron, IP: [184.108.40.206]
L2: Code 2The distribution codes have not changed. But the IRA custodian might have changed their policy and no longer use Code 2 on the 1099R. Most custodians code SEPP distributions with code 1 because they do not want to fully examine the taxpayer’s calculations to make sure they are correct. If you get the 1 code on your 1099R, then you need to file Form 5329 to claim exception code “02” on line 2.2016-01-19 19:57, By: Alan S, IP: [220.127.116.11]
L3: Code 2Thanks for information.
leave it to the government to make more paper work.2016-01-19 22:25, By: Ron, IP: [18.104.22.168]
L4: Code 2The paperwork has always been there. It’s the custodians who have decided not to continue the responsibility, and liability, for activities outside of their control. They finally realized that they do not have the information from the taxpayers or personnel significantly trained in this specialized area to make sense to assume the responsibility for which they do not get paid.
Taxpayers are just looking to blame someone if they screw up. Instead of assuming responsibility for their own actions, taxpayers will blame their tax preparers for not warning them against doing what they have done wrong without asking them what to do right. Look at this website with the voluminous postings from individuals looking for free advice, rather than paying an experienced tax or financial planning professional for their advice.2016-01-19 22:33, By: dlzallestaxes, IP: [22.214.171.124]