Did you receive both a 1099-R and a 1099-B from your
brokerage? If so this could result in a double entry of the transactions.
If you received both documents, enter the 1099-R in TurboTax and not the401k
information from the brokerage statement.
Keep in mind, also, that there will be a 10% early withdrawal penalty if
you're not yet 59-1/2 and do not meet one of the exceptions listed in the instructions for Form 5329:
1. A distribution due to leaving your job in or after the year you reach age 55
(age 50 for qualified state or municipal public safety employees). This
exception doesn't apply to distributions from IRAs, annuities or modified
endowment contracts. You are a qualified public safety employee if you provide
police protection, firefighting services, or emergency medical services for a
state or municipality, and you separated from service in or after the year you
attained age 50.
2. A distribution that's made to you as part of what are equal periodic
payments over your life (and that of your beneficiaries). If the distributions
are made from a qualified plan, those distributions have to begin after you
leave your job (that provides you the plan). The payments generally cannot be
changed for at least 5 years (or until the person reaches age 59-1/2, if later)
in order to avoid the penalty.
3. A distribution due to permanent and total disability.
4. A distribution due to death. This exception doesn't apply to modified
endowment contracts, though.
5. A distribution which you used to pay medical expenses. This one's tricky,
though. They have to be medical expenses that are otherwise deductible. It
doesn't matter whether you actually end up itemizing deductions for eligibility
for this exception. This exception doesn't apply to distributions from
annuities or modified endowment contracts.
6. A distribution made to someone else, usually an ex-spouse, under a qualified
domestic relations order (QDRO). This usually results from a divorce agreement.
And this exception doesn't apply to distributions from IRAs, annuities or
modified endowment contracts as well.
7. For distributions from IRAs, the penalty tax may not apply on the amount of
the distribution used to pay for medical insurance for yourself, your spouse,
and your dependents. However, all four of the following conditions must apply:
A. You lost your job.
B. You received unemployment compensation for 12
consecutive weeks.
C. The distribution was made in the year you received.
unemployment compensation or the following year
D. The distributions are made no later than 60 days
after you have been reemployed.
This does not apply to annuities or modified endowment contracts.
8. For distributions from IRAs, the penalty tax may not apply on the amount of
the distribution used to pay for higher education expenses.
9. For distributions from IRAs, the penalty tax may not apply on the amount of
the distribution used for a first home purchase. However, this is limited to
only $10,000.
10. A distribution due to an IRS levy.
11. Qualified distributions to reservists while serving on active duty for at
least 180 days.
12. There are other exceptions that may apply to you. These are listed in Publication 575 (Pension
and Annuity Income) which you can request from the IRS.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
