Need to file taxes?
L1: Need to file taxes?I have had a 72q SEPP plan for the last 8 years. My financial institution codes my 1099-r with a distribution code “2.” I am married and file jointly. In 2011, my total income was less than $19000. This would normally mean that I do not have to file a tax return. Does the fact that I have a SEPP plan mean that I must file when normally I would not need to?2012-03-05 16:31, By: Beachbums, IP: [220.127.116.11]
L2: Need to file taxes?No.
A SEPP does not change the IRS filing requirement rules. And since the 1099R is coded with a “2”, you also do not have to file a 5329 to eliminate the penalty.2012-03-05 17:05, By: Alan S, IP: [18.104.22.168]