I am 78 years old, I received a 1099R that with a 1 in in Box 7. (early distribution). TurboTax is adding the 10% penalty, I don't think this is correct because of my age. Please Help
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You should contact who ever issued the 1099R if you think there is a mistake. The code "1" is issued if the distribution was made to a recipient under the age of 59 1/2. Check the social security number on the 1099R to make sure it is yours. If you have someone living with you, its possible a c/o address was used and your name is populating the name field. Check the social security number and it that was correct, I would contact the provider of the 1099R to get the coding changed to "7".
If this represents a Roth IRA and you have not had the funds in 5 years, that may be causing the coding of 1. Talk to who provided you the form to find out more.
If the Form 1099-R has indeed been issued to you and for some inexplicable reason the payer will not make the correction, you can report the Form 1099-R as is and claim an Other reason exception to the early distribution penalty on the taxable amount of this distribution.
Code 1 is never permitted to be used to report a distribution from a Roth IRA. A Form 1099-R issued to an individual who is age 78 and the payer does not know if the individual has had a Roth IRA for 5 years, the payer must use code T.
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