Yes,
the 401K withdrawal will be considered an early withdrawal if you took the
money before you reached age 59 and 1/2.
You
will be subject to additional 10% tax penalty, unless very specific exceptions
- allowed by the IRS- apply.
Please
enter form 1099-R into TurboTax exactly as it appears and answer follow up
questions. The program will help you determine if there are any exceptions
applicable to your situation.
- Federal Taxes
- Wages and Income
- Scroll down to Retirement
Plans and Social Security
- Select IRA, 401(k), Pension Plans (1099-R)
