Yes, there's an exception to the early withdrawal penalty if you took your early distribution from your employer's retirement plan because you left your job after age 55. Follow this link for more details about this exception.
If this applies to your situation, enter your 1099-R, and then enter the exception:
- Sign to your TurboTax account.
- Select Other Tax Situations.
- Select the down arrow to the right of Additional Tax Payments.
- Select Start to the right of Extra Tax on Early Retirement Withdrawals.
- Answer the first few questions according to your situation.
- When you get to These Situations May Lower Your Tax Bill, enter the amount of the distribution to the right of Separation From Service the Year During or After Age 55 (Age 50, If a Public Safety Employee).
- Continue with your tax return.
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