@USAFXXX wrote:
This makes sense. I am below 59 1/2 age and earnings subject to 10% penalty. I assume that once I complete the 1099R as per your steps, Turbo Tax will account for 10% penalty automatically. Also I did not see a place where I can enter comments to explain the excess withdrawal and as to why I am completing the 1099R during tax filing experience. I just want to make sure that after I do the 1099R step and follow rest of the instructions on Turbo Tax, there’s nothing else needed such as completing any manual forms for the excess reporting.
Yes the 5329 should be automatic. You do not explain a code PJ - the code explains it.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
