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You may qualify for an exception to the penalty on an early withdrawal from your retirement plan if you used the distribution to pay for medical expenses. The exception applies only to those medical expenses that exceed 10% of your adjusted gross income (AGI) (or 7.5% if you were age 65 or over in 2016).
When you enter the information from your 1099-R, we'll ask how you used the distribution and see if you qualify for an exception to the penalty (which is an additional 10% tax).
To enter your 1099-R in TurboTax:
For a list of exceptions to the early withdrawal penalty, see page 4 of Instructions for Form 5329, Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favor....
You may qualify for an exception to the penalty on an early withdrawal from your retirement plan if you used the distribution to pay for medical expenses. The exception applies only to those medical expenses that exceed 10% of your adjusted gross income (AGI) (or 7.5% if you were age 65 or over in 2016).
When you enter the information from your 1099-R, we'll ask how you used the distribution and see if you qualify for an exception to the penalty (which is an additional 10% tax).
To enter your 1099-R in TurboTax:
For a list of exceptions to the early withdrawal penalty, see page 4 of Instructions for Form 5329, Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favor....
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