irs form 5329

L1: irs form 5329Is it possible for a taxpayer to file form 5329 for age 55 exceptionand start a 72 t from different accounts (i plan to retire I am age 55)and take a distribution from my 401k to buy a houseand then roll the remainder into aIRA ,also would like to start a 72t from a company pension that has been rolled into a IRA,have been told both of these would be coded 1 on my 1099R can you file a different 5329 for each event or will I be able to file one 5329 to cover both the age 55 exceptionand the 72 t withdrawalis this allowed from the IRS.2007-09-14 06:50, By: wild rice, IP: [64.123.204.168]
L2: irs form 5329Hello wild rice:
You may infact do as you suggest. Regarding Form 5329; unfortuantely the form only has room for one exception code; therefore you would need to file two 5329s; one with exception code 1 for your age 55 withdrawals and one with exception code 2 for your SEPP withdrawals.
Further, this is a situation of above average complexity requiring that you keep very good records. More often than not, this will confuse the IRS computer and will likely result in an inquiry from the IRS. This is not bad; just simply be prepared to handle the inquiry.
TheBadger
wjstecker@wispertel.net
2007-09-14 07:06, By: TheBadger, IP: [72.42.67.59]