MarilynG1
Expert Alumni

Retirement tax questions

Here's more info on  Box 7 Codes on Form 1099-R.

 

A Code 1 in Box 7 will require Form 5329, which calculates the 10% penalty for early withdrawal, with no exception.  TurboTax will fill out the form for you, after asking if you qualify for any exceptions.  Here's more info on Penalty Exception for Non-IRA's.

 

New York automatically excludes 20K from a retirement distribution (anything on a 1099-R), if you're over 59-1/2 and received 'periodic payments' from this account. If this was a one-time distribution, go back to your Federal entry and step through the interview until you get the question about 'periodic payments'. 

 

Here's more info the New York Pension Exclusion.

 

@Laf923  

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