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Retirement tax questions
Assuming no basis in nondeductible traditional IRA contributions, any part of the distribution not rolled over to a traditional qualified retirement account is taxable income. The only question is whether or not that distribution is subject to an early distribution penalty. If you are using the online version of TurboTax, you can go directly to Other Tax Situations -> See all uncommon tax situations -> Additional Tax Payments -> Extra Tax on Early Retirement Withdrawals.
‎April 8, 2024
1:54 PM