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Withdrawal from annuity - turbo tax says it was before 59 1/2 when it wasn't
Am working on my taxes and input the withdrawals from the 1099-R. Turbo Tax indicates that the payment was taken before age 59 1/2 and it was not. I can not over-ride. How do I fix?
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Retirement tax questions
What is the code in box 7 of the Form 1099-R provided by the payer?
Is the IRA/SEP/SIMPLE box marked?
Do you see any amount on Schedule 2 line 6?
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Retirement tax questions
Code is 7, IRA Simple is marked with an X.
Not sure what schedule 2 is ...
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Retirement tax questions
The code 7 indicates that TurboTax will not treat the distribution as an early-distribution penalty. If 2019 TurboTax asks if you were age 59½ at the time of the distribution because you reached age 59½ in 2019, answer accurately and move on. If you revisit the question you'll need to repeat your answer.
Schedule 2 line 6 is where the penalty would appear on your tax return. If TurboTax is not including Schedule 2 in your tax return, there is no early-distribution penalty present in your tax return.