DanaB27
Expert Alumni

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. 

 

  1. Login to your TurboTax Account 
  2. Click on "Search" on the top and type “1099-R”
  3. Click on “Jump to 1099-R” and enter all your 1099-Rs
  4. Click "Continue" on the "Review your 1099-R info" screen
  5. Answer all the questions and make sure you enter the net contributions prior to 2021 on the "Enter Prior Year Roth IRA Contributions" screen
  6. Answer the remaining question.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"