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Retirement tax questions
@lschiano9 wrote:
Thank you! Will I only then be responsible for federal and state income tax related to the amount of the early IRA distribution?
Right. When you file your 1099-R, turbotax will note that you are under age 59-1/2 and will ask if any exceptions apply. Select higher education. You don't need to submit proof to the IRS (like tuition bills) when you file, but keep your proof for 6 years in case of audit.
‎July 2, 2021
9:42 AM