Retirement tax questions
@hbchadley wrote:
Why wouldn't the 55+ rule apply. I was 58 at time I left employment and as a result of leaving that employment, the loan was defaulted. I have been told by multiple sources that the 10% penalty would not apply due to this exception.
If you enter the 1099-R with code L1, just keep going, you have to be persistent. Eventually you will get to a screen that looks like this:
If the entire amount was withdrawn at or over age 55, enter the entire amount in the corresponding box.
