@peggyfoth wrote:
Hello
I made a withdrawal from my 401K to assist my son with the purchase of a home. I had the state and Federal taxes withheld. How do I indicate on my Turbo tax form that I am over 591/2 so the penalty is not added?
Is your date of birth entered correctly in the program? Turbotax should know automatically. If you turned 59-1/2 during the year, you may need to complete all the steps in the interview, don't just enter the 1099 and then exit and go somewhere else. At the end of the interview section there is a page that says "let's look for ways to avoid the penalty" and if you turned 591/2 in the middle of the year, there should be a check box to indicate you withdrew the money after that date.
