IRS form

L1: IRS formDoes anyone know the form number for the IRS form to correct a 1099R form that is coded incorrectly for a 72t distribution? Thanks2006-12-06 19:09, By: Rick H, IP: [148.78.243.123]
L2: IRS formI think you are referring to the form you attach to your return, which is 5329. On that form you claim a valid 72t exception by entering Code 02 on line 2 in Part I. This is becoming increasingly necessary due to IRA custodians being reluctant to code their 1099R with the early distribution exception. They use code 1 which is an early distribution.
You don”t attempt to get them to correct the 1099R itself, because they likely will not and it”s not necessary anyway. If you work with them from the beginning, you may be able to increase the chance that your particular custodian will provide the exception code. That probably provides a layer of “insurance” against an IRS inquiry. Therefore, it may be worth a try, but in many cases will not result in the 2 code no matter what you do.
2006-12-06 21:07, By: Alan S., IP: [24.116.66.98]