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Retirement tax questions
@tylergunderson45 wrote:
Ok that is what I thought but when I entered the 1099-R it doesn’t have a birth exception within any of the questions it asks after. So it decreased my return by more than 10%. Does it ask more questions later?
Be aware that a withdrawal is only penalty-free if it is after the birth of the child (up to one year after). A withdrawal before the child is born is not eligible for the penalty exemption. It may not make sense, but that's how the law was written.
February 4, 2025
7:40 AM