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Retirement tax questions
Hi,
I'm trying to file my 2021 taxes and I don't see any options described above to enter the exception. We had twins last year (in 2021) and so withdrew $10,000. We've added them onto our taxes (married, filed jointly) with ssn's, but after I enter the 1099R (it got imported) there's just a note that says "we'll check for exceptions later" but then it never happens. I'm using TT deluxe online. I went ahead an paid and can see the $1000 penalty is being added.
Also, please don't tell me we have to paper file because of this...
P.S. It appears that my financial institution entered a distribution code of 1 on the 1099R, but it looks like it maybe should be 2 because exceptions apply...so do we need to try to get them to fix it? If I just change it to 2 then the penalty does get removed, but...seems kind of dodgy to just do that.