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Retirement tax questions
Thanks. I have created the 1099-R and everything is good except when I input the P and 1 (mine is 2023 contribution), the additional tax on early withdrawal on IRA triggered an additional tax (on schedule 2) of 10% on the earnings I put in Box 2a. But when I removed the 1 and left with only one code P in Box 7, the additional tax/schedule 2 go away. Again I am over 59 1/2 and its for traditional IRA so code 1 should not be right for me as its for taxpayer under that age. Am I correct?
March 15, 2024
10:23 AM