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Deductions & credits
Unfortunately, it seems that you do not have an exception for the 10% early withdrawal penalty. Please review IRS Retirement Topics - Exceptions to Tax on Early Distributions.
Was the distribution from a traditional or Roth IRA?
If it was from a Roth IRA then please make sure you answer all the follow-up questions carefully and enter your net contributions. With a Roth IRA you can withdraw contributions you made to your Roth IRA anytime, tax- and penalty-free. Only your earnings would be subject to income tax and the 10% early withdrawal penalty.
- Login to your TurboTax Account
- Click on "Search" on the top and type “1099-R”
- Click on “Jump to 1099-R” and enter all your 1099-Rs
- Click "Continue" on the "Review your 1099-R info" screen
- Answer all the questions and make sure you enter the net contributions prior to 2021 on the "Enter Prior Year Roth IRA Contributions" screen
- Answer the remaining question.
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March 19, 2022
11:22 AM