Final 72t Distribution

You are here:
< Back

L1: Final 72t Distribution: ’08 1099 Distribution CodeGentlemen:
I calculated anddisbursed my final 72t annual distribution in 12/08 after reaching 59 1/2 on 11/12/08. In ’07, Fidelity 1099 distribution box #7 was marked with code #1 thus I duly included form 5329 in my Federal Return. My ’08 Fidelity 1099 box #7, however,reflects code 7 which I understand designates a normal distribution as became 59.5. My question isshould I request Fidelity reissue a 1099 changing the distribution code to 1 and once again compile form 5329 or should does the current code 7 suffice?2009-03-07 20:43, By: Bob Y., IP: [67.49.98.200]

L2: Final 72t Distribution: ’08 1099 Distribution CodeHello, Bob:
I’m not a tax pro but it seems to me that if your SEPP has run its course, meaning that you have distributed the correctly calulated amount for at least 5 years and are now age 59.5 or greater, I see no need to file a form 5329. The distribution code of 7 on your 1099-R shows a normal distribution, which is not subject to the early withdrawal penalty tax.

Do you use tax software? If so, it will be interesting to see if it spits out a form 5329for tax year 2008.
2009-03-08 03:54, By: Ed_B, IP: [24.20.24.188]

L3: Final 72t Distribution: ’08 1099 Distribution CodeThis does not seem to follow a logical 1099R coding regimen from Fidelity. When did your 72t plan begin? Does the 2008 1099R with the 7 code show the total amount of all your 2008 distributions in Box 1?2009-03-08 22:19, By: Alan S., IP: [24.116.165.60]