MinhT1
Employee Tax Expert

Retirement tax questions

This is a normal withdrawal, not a rollover or conversion.

 

The amount withdrawn is taxable, and if you are younger than 591/2, it's also subject to a 10% early withdrawal penalty.

 

The 10% penalty can be waived if you happen to have one of the exceptions listed in this IRS document.

 

In TurboTax Online, in the interview, which follows the entry of your form 1099-R, on the screen asking Tell us if you moved the money through a rollover or conversion, reply: I didn't rollover or convert this money.

 

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