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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:

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.

Form 5329

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