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MGC94
Level 7
February 11, 2023
Question

Early Distribution Form 5329

  • February 11, 2023
  • 1 reply
  • 15 views

1099-R pension $46,425.46 

total distribution

early distribution code 1

Form 5329 

She pulled the money for medical expenses and school (superintendent degree) 

can I use extent of medical expenses line E $3,584 

higher education expenses line H $3,600 

to reduce the penalty? 

 

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1 reply

taxshack
Level 6
February 11, 2023
Preparing taxes is not my life, but my life is amazing because I prepare taxes.
MGC94
MGC94Author
Level 7
February 11, 2023

she pulled it from her NJ division of pensions. 

taxshack
Level 6
February 11, 2023

Only IRA's qualify for the higher education expenses as shown in that chart.  But she could use it for the medical.

Preparing taxes is not my life, but my life is amazing because I prepare taxes.