Retirement tax questions

Was it a pension or a 401K?  How old are you?  Are you retired and getting regular pension checks?  @dmertz 

 

Turbo Tax will automatically calculate any penalties on it based on your age and the code in box 7 on the 1099R. If you took it out early before 59 1/2 there is a 10% Early Withdrawal Penalty. For 2023 the penalty is on Schedule 2 line 8 which goes to 1040 line 23.


There are some exceptions to the 10% Early Withdrawal Penalty.