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URL: http://boards.fool.com/new-sepp-rules-for-2004-federal-tax-return-21863013.aspx
Subject: New SEPP Rules for 2004 Federal Tax Return	Date: 1/5/2005 6:16 PM
Author: intercst	Number: 43892 of 72265
If you are under age 59-1/2 and taking penalty-free withdrawals from your IRA here's some "news you can use." For the 2004 tax year, the IRS did away with "exception code 2" on Form 1099-R. The only code you'll see on Form 1099-R is exception code 1. See link: http://www.irs.gov/instructions/i1099r/ar02.html#d0e220 You'll have to file IRS Form 5329 with your return to claim the exception for "substantially equal periodic payments" (SEPP) and escape the 10% penalty. Here's a link to form 5329 and instructions. Instructions for Form 5329. http://www.irs.gov/instructions/i5329/ch01.html Form 5329 http://www.irs.gov/app/vita/content/basic/lesson07/images/5329.pdf intercst
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