MaryK4
Expert Alumni
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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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