If you have an early withdrawal penalty being under the age of 59 1/2 at the time of withdrawal, then the penalty is 10% of the amount withdrawn and is entered on the tax return as a tax liability. If the total tax payments are greater than the total tax liabilities you will get a refund for the overpayment.
To enter a form 1099-R
- Click on Federal Taxes (Personal using Home and Business)
- Click on Wages and Income (Personal Income using Home and Business)
- Click on I'll choose what I work on (if shown)
- Scroll down to Retirement Plans and Social Security
- On IRA, 401(k), Pension Plan Withdrawals (1099-R), click the start or update button
Standard deductions for 2016
- Single - $6,300 add $1,550 if age 65 or older
- Married Filing Separately - $6,300 add $1,250 if age 65 or older
- Married Filing Jointly - $12,600 add $1,250 for each spouse age 65 or older
- Head of Household - $9,300 add $1,550 if age 65 or older
Personal exemption for 2016 - $4,050
