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Retirement tax questions
Yes, the code 1 would tell TurboTax that a penalty should be applied. However, if there is no taxable amount in Box 2a, or the box is checked for 2b that a taxable amount is not determined, then you will need to enter the correct taxable amount in Box 2a.
- Box 2a is the determining factor for TurboTax
- D—Annuity payments from nonqualified annuities that may be subject to tax under section 1411.
Penalty is only based on the taxable amount. If all of the surrender was your own contributions then none should be taxable. However, if you did receive any earnings above your own contributions that amount would be taxable and penalized. Check box 5 for your contributions in the plan as indicated by dmertz.
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February 17, 2024
10:11 AM