ColeenD3
Expert Alumni

Retirement tax questions

Can you be more specific? What is happening when you enter the Code and the amount?

 

Exceptions to the additional 10% tax apply for early distributions from an IRA that are:

  • Made to a beneficiary or estate on account of the IRA owner's death
  • Made on account of disability
  • Made as part of a series of substantially equal periodic payments for your life (or life expectancy) or the joint lives (or joint life expectancies) of you and your designated beneficiary
  • Qualified first-time homebuyer distributions
  • Not in excess of your qualified higher education expenses
  • Not in excess of certain medical insurance premiums paid while unemployed
  • Not in excess of your unreimbursed medical expenses that are more than a certain percentage of your adjusted gross income
  • Due to an IRS levy, or
  • A qualified reservist distribution