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?

739

Level 15

Feb 25, 2021 9:01:19 AM

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".

Level 15

Feb 25, 2021 9:21:06 AM

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

Returning Member

Feb 25, 2021 9:38:44 AM

The code in box 7 is 7. Normal distribution

Returning Member

Feb 25, 2021 9:40:16 AM

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

Level 15

Feb 25, 2021 10:00:17 AM

Just answer correctly and proceed.

Returning Member

Feb 25, 2021 10:06:08 AM

Thank you!

Why sign in to the Community?

401 K withdrawal age 59 1/2