- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Does using my rollover IRA early distribution to pay for cost of life insurance qualify for exception to reduce early withdrawal penalty?
The code on box 7 of my 1099-R is 1 (normal distribution). I used the distribution to buy insurance. When TurboTax asks "Did you use your IRA to pay for any of these expenses?" in the Other Tax Situations section, should I choose "Another Reason" or "Incorrect Early Distributions"?
‎April 11, 2025
11:29 AM