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    maxedog's Avatar
    maxedog Posts: 1, Reputation: 1
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    #1

    Apr 17, 2012, 05:48 AM
    1099-r withdrawal penalty 1 day early expert questions
    I have a Distribution Code of 1 on my 1099-r for early withdrawal penalty of 10%.

    Distribution was processed 1 day from 59 1/2 age.

    Obviously I requested distribution at 59 1/2 so I would not have a penalty. Hartford Wealth Management processes one day early.

    How do I correct this and not have a 10% penalty for 2011?

    Thanks.
    ebaines's Avatar
    ebaines Posts: 12,131, Reputation: 1307
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    #2

    Apr 17, 2012, 06:05 AM
    I don't have much to offer except that if it has been less than 60 days since you received the distribution you have time to roll it to an IRA and avoid tax and penalty. But I'm guessing this distribution probably occurred in 2011 and so it's too late for that. I suggest you call Hartford Wealth Mgmt and see if they have any suggestions. One thing to ask them is: how do they calculate when your 59-1/2 birthday is? It should be 183 days from your 59th birthday, which may not be the same data of the month as your actual birthday. For example: 183 days from June 20 is December 19, not December 20.
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