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Retirement tax questions
@brookeb2 What type of plan do you have?
You should enter the code 1 in box 7 of the Form 1099-R. After entering the information from the 1099-R there will be a series of screens for you to complete. Eventually you will come to a screen labeled These Situations May Lower Your Tax Bill. Enter the $5000 amount in the box labeled Other Reason and continue. The 10% early distribution penalty will be removed. However, if the distribution was over $5,000 any remaining distribution over $5,000 is still subject to the early distribution penalty.
‎January 19, 2021
9:07 AM