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401 K withdrawal age 59 1/2
A withdrawal was made on a 401 K at the age of 59 1/2. When checking the box that the withdrawal was taken out after age 59 1/2. Turbo tax keeps switching it back to before age 59 1/2. Can anyone help?
February 25, 2021
8:42 AM
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Retirement tax questions
What is the Code in Box 7 of your 1099-R? Code 1 = early distribution.
Also, 59 1/2 means on or after the exact date you turned 59 1/2. For example, if your 59th birthday was June 1st, then you attained age 59 1/2 on December 1st. A distribution before December 1st would be considered "early".
**Answers are correct to the best of my ability but do not constitute tax or legal advice.
February 25, 2021
9:01 AM
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Retirement tax questions
TurboTax only asks this question to determine what question to ask next, so it does not record your original answer at all.
February 25, 2021
9:21 AM
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Retirement tax questions
So it doesn't matter what this box says when I go back then correct?
February 25, 2021
9:40 AM