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early IRA distribution
client is taking a $55,000.00 early distribution from an IRA. $10,000.00 of this distribution will be used for First Time Home Buyer. How will the 1099-R be coded to avoid early withdrawal penalty on the $10,000.00?
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It won't show up on the 1099. The investment company has no way of knowing how the money was spent so you will need to use form 5329 to make that indication.
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