form 5329

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L1: form 5329I started a 72T this year and have just received my 1099 from custodian. The distribution code in box 7 is 2.My question is : does my tax preparer need to file form 5329 also or will the code 2 be sufficient ?2011-01-29 00:26, By: Mikes2, IP: [98.83.101.145]
L2: form 5329Everything is fine as is. Most custodians shy away from offering the 2 coding and that is what forces the taxpayer to file the 5329. Getting the 2 code means the IRS will generally not give the issue a second thought, so it is still desirable to have the custodian provide this coding on the 1099R. You do not need a 5329.2011-01-29 18:03, By: Alan S., IP: [24.119.230.17]