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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.
‎February 26, 2024
8:08 AM