2007-04-11 13:33:53 · 4 answers · asked by All That Glitters isn't Gold 5 in Business & Finance ➔ Taxes ➔ United States
Is this for 2005 or 2006? You still file a 1040 and report the early withdrawal as income from your traditional IRA. You will also have to pay an early withdrawal tax by taking your distribution before the allowable normal date.
2007-04-11 13:44:13 · answer #1 · answered by RobertB 5 · 0⤊ 1⤋
An IRA withdrawal, including the early withdrawal penalty if one is due, go on a 1040
2007-04-11 21:13:18 · answer #2 · answered by Judy 7 · 1⤊ 1⤋
you do not say whether you meet any of the irs approved early withdrawl exceptions.... if you do not then you just make your entries on the 1040. if you do meet one of the approved exceptions and your 1099 does not list the correct exception or incorrectly states no known exception then you must file form 5329 with your 1040 to properly report the approved exception and escape the penalty.
2007-04-11 21:52:23 · answer #3 · answered by amazed 3 · 1⤊ 0⤋
Form 5329. You may be subject to a 10% tax penalty unless you have some kind of exlusion which is part of this form
2007-04-11 20:44:48 · answer #4 · answered by Dan 3 · 0⤊ 0⤋