- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Retirement tax questions
> it says "good news, you dont owe anything for tax"
No, that's not what it says. Presumably because your Form 1099-R has code 2 in box 7, TurboTax says that you don't owe any "extra" tax, the extra tax being a 10% early distribution penalty. You still owe ordinary income tax on the distribution.
No, that's not what it says. Presumably because your Form 1099-R has code 2 in box 7, TurboTax says that you don't owe any "extra" tax, the extra tax being a 10% early distribution penalty. You still owe ordinary income tax on the distribution.
‎June 3, 2019
1:57 PM