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Retirement tax questions
The amount TurboTax shows for estimated taxes for 2023 is based on your 2022 tax liability. If you entered the 1099-R information and did not enter a penalty exception, TurboTax will have calculated the correct tax due. It is possible that you had adequate withholding (the 401k is required to withhold 20% so if you only had the penalty, there would be a refund.) Follow the link below to see how to preview your tax return. Look for Line 17 of your 1040- this is where the penalty would be.
How do I preview my TurboTax Online return before filing?
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‎February 7, 2023
5:05 PM
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