Theresa123
Returning Member

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?

TomD8
Level 15

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.
dmertz
Level 15

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.

Theresa123
Returning Member

Retirement tax questions

The code in box 7 is 7. Normal distribution

Theresa123
Returning Member

Retirement tax questions

So it doesn't matter what this box says when I go back then correct?

 

dmertz
Level 15

Retirement tax questions

Just answer correctly and proceed.

Theresa123
Returning Member

Retirement tax questions

Thank you!