turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Can I claim other reason because after I quit the employer they sent me the 1099R distribution?

 
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

2 Replies

Can I claim other reason because after I quit the employer they sent me the 1099R distribution?

If you are under the age of 59 1/2 and did not rollover the distribution from the retirement account within 60 days to another tax deferred retirement account, then there is a 10% early distribution penalty on the gross distribution.  The penalty is entered on your federal tax return as a tax liability.

You cannot use Other as an exception.

 

Go to this IRS Tax Topic for Additional Tax on Early Distributions From Retirement Plans Other Than IRAs - https://www.irs.gov/taxtopics/tc558

dmertz
Level 15

Can I claim other reason because after I quit the employer they sent me the 1099R distribution?

Quitting from an employer is not an exception to the early-distribution penalty.  Before making the distribution, your former employer was required to have sent you information describing your options for rolling over this distribution to avoid the penalty and to continue to defer the tax on this distribution.

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question