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Retirement tax questions
That is an exception to the 10% early withdrawal penalty if and only if the medical expenses to care for that parent are entered as deductions on your tax return. You are allowed to withdraw from your retirement account any medical expenses that exceed 7.5% of your AGI.
To enter this into TurboTax go and enter the medical expenses into the deductions and credits section of your return. Enter all of them. Then, in the wages and income section, enter your 1099-R that you received from your retirement account. TurboTax will then try to find exceptions to reduce the 10% penalty and you will tell it that the medical expenses are what the withdrawal was used for.
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‎February 10, 2025
8:48 AM