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70 Hour Approval
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<blockquote data-quote="UpstateNYUPSer(Ret)" data-source="post: 4478711" data-attributes="member: 12570"><p>If you choose to return any part of the distribution make sure that the 1099-R that you receive in January/February 2021 reflects that or the IRS will assume that you kept the entire distribution. Also, you only have 60 days to change your mind on any or part of the distribution----anything beyond that will not be recognized and you will be taxed on the full amount.</p><p></p><p>Box 7 of the 1099-R will normally show Code 1 for Early Distribution if you take funds out before you turn 59 1/2. I don't know if they will be allowed to change the code to 7 for Normal Distribution.</p></blockquote><p></p>
[QUOTE="UpstateNYUPSer(Ret), post: 4478711, member: 12570"] If you choose to return any part of the distribution make sure that the 1099-R that you receive in January/February 2021 reflects that or the IRS will assume that you kept the entire distribution. Also, you only have 60 days to change your mind on any or part of the distribution----anything beyond that will not be recognized and you will be taxed on the full amount. Box 7 of the 1099-R will normally show Code 1 for Early Distribution if you take funds out before you turn 59 1/2. I don't know if they will be allowed to change the code to 7 for Normal Distribution. [/QUOTE]
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