- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Retirement tax questions
No. Because your wife made the qualified plan distribution after age 55, there is an Exception to the early distribution 10% penalty.
Click this IRS link Retirement Topics - Exceptions to Tax on Early Distributions to see all possible exceptions available. Form 5329 must be completed to claim a penalty exception.
Follow this path to complete Form 5329 in TurboTax:
Federal Taxes>>Other Tax Situations>>Additional Tax Payments>>Extra Tax on Early Retirement Withdrawals>>Start.
Note: Public Safety Officers can qualify for the exception at age 50.
‎June 6, 2019
8:22 AM