How can I confirm that my code-8 2023 Form 1099-R was NOT subjected to the 10% penalty?

Hi everyone,

I received 1099-R for 2023 excess contrition 401k refund. All good. Entered everything into Turbo Tax but before I file I need quick sanity check - How can I confirm that my code-8 2023 Form 1099-R was NOT subjected to the 10% early distribution penalty? Is there a specific form I can look at my return (TT switched into forms mode) to make sure I am not charged the penalty? I totally get that the refund is taxable, my interest is specifically to confirm I am not paying the penalty (code 8 is penalty exemption).

Thanks

PS. The reason for the refund was my employer failed the HCE/ACP test on 401K

posted

Yes, you can check Schedule 2, line 8 for the early distribution penalty. If it is blank, or you have no Schedule 2, then there's no penalty on the distribution.

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