[USA] [401K] I was in a settlement for a class action lawsuit involving a 401k. I just received a 1099r. Box 7 has code "7"; I am under the age to withdraw without penalty. Will i receive a penalty?
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I’m pretty sure the penalty on withdrawal is a percentage of the amount withdrawn, so if you’re using tax prep software I’d just enter it as written and see how much it changes your taxes. It’s probably not even going to be a rounding error compared to your overall tax bill.