How should I file my taxes if using an early withdrawal 1099r? 2 Answers as of February 07, 2011

I am filing taxes using an early withdrawal 1099r. How should I file my taxes? Married, joint, or separate? Is there any other alternative in handling this problem?

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Steven J. Fromm
Steven J. Fromm | Steven J. Fromm & Associates, P.C.
If you are making an early withdrawal and are subject to the penalty for early withdrawal, it does not matter what your filing status may be. The penalty will be the same in all cases. As far as the income side of the withdrawal, generally MFJ results in less taxes than MFS. However, in some situations this may not be the case. The only way to know for sure is to run the numbers under MFJ and MFS and see which results in the least taxes.
Answer Applies to: Pennsylvania
Replied: 2/7/2011
Law Office of Harry Gordon Oliver II
Law Office of Harry Gordon Oliver II | Harry Gordon Oliver II
Include early w/d in income and file married filing joint, assuming you are married

There may be an early withdrawal penalty.
Answer Applies to: California
Replied: 2/6/2011
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