401 K withdrawal age 59 1/2
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Theresa123
Returning Member

401 K withdrawal age 59 1/2

A withdrawal was made on a 401 K at the age of 59 1/2. When checking the box that the withdrawal was taken out after age 59 1/2. Turbo tax keeps switching it back to before age 59 1/2. Can anyone help?

6 Replies
TomD8
Level 15

401 K withdrawal age 59 1/2

What is the Code in Box 7 of your 1099-R?  Code 1 = early distribution.

 

Also, 59 1/2 means on or after the exact date you turned 59 1/2.  For example, if your 59th birthday was June 1st, then you attained age 59 1/2 on December 1st.   A distribution before December 1st would be considered "early".

**Answers are correct to the best of my ability but do not constitute tax or legal advice.**

dmertz
Level 15

401 K withdrawal age 59 1/2

TurboTax only asks this question to determine what question to ask next, so it does not record your original answer at all.

Theresa123
Returning Member

401 K withdrawal age 59 1/2

The code in box 7 is 7. Normal distribution

Theresa123
Returning Member

401 K withdrawal age 59 1/2

So it doesn't matter what this box says when I go back then correct?

 

dmertz
Level 15

401 K withdrawal age 59 1/2

Just answer correctly and proceed.

Theresa123
Returning Member

401 K withdrawal age 59 1/2

Thank you!

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