- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Retirement tax questions
If you are under 59 1/2 and don't meet one of the exclusion criteria then you will have to pay an additional 10% early withdrawal tax. This tax will show on Schedule 2, line 6.
Also, the distribution will be included in your taxable income and show on line 5 of Form 1040.
Please follow these steps to enter your 1099-R from the distribution:
- Login to your TurboTax Account
- Click on the Search box on the top and type “1099-R”
- Click on “Jump to 1099-R” enter your 1099-R and answer all the questions
TurboTax will calculate the correct tax.
To preview your return:
- Click on "Tax Tools" in the left menu
- Click "Tools"
- Click "View Tax Summary" in the Tool Center window
- Click on "Preview my 1040" on the left
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
**Mark the post that answers your question by clicking on "Mark as Best Answer"
February 8, 2021
12:28 PM