I am taking life expectancy payments from my TSP account and when I enter the information from the 1099R into turbo tax it says "good news, you dont owe anything for tax"
I am taking life expectancy payments from my TSP account and when I enter the information from the 1099R into turbo tax it says "good news, you dont owe anything for tax"
> it says "good news, you dont owe anything for tax"
No, that's not what it says. Presumably because your Form 1099-R has code 2 in box 7, TurboTax says that you don't owe any "extra" tax, the extra tax being a 10% early distribution penalty. You still owe ordinary income tax on the distribution.
I am taking life expectancy payments from my TSP account and when I enter the information from the 1099R into turbo tax it says "good news, you dont owe anything for tax"
Is it additional tax for the 10% early withdrawal or showing the whole amount as non-taxable?
I am taking life expectancy payments from my TSP account and when I enter the information from the 1099R into turbo tax it says "good news, you dont owe anything for tax"
I am taking life expectancy payments from my TSP account and when I enter the information from the 1099R into turbo tax it says "good news, you dont owe anything for tax"
I am exempt from the 10 percent because I was federal law enforcement, but I don't believe I took anything out for income tax?
I am taking life expectancy payments from my TSP account and when I enter the information from the 1099R into turbo tax it says "good news, you dont owe anything for tax"
> it says "good news, you dont owe anything for tax"
No, that's not what it says. Presumably because your Form 1099-R has code 2 in box 7, TurboTax says that you don't owe any "extra" tax, the extra tax being a 10% early distribution penalty. You still owe ordinary income tax on the distribution.
I am taking life expectancy payments from my TSP account and when I enter the information from the 1099R into turbo tax it says "good news, you dont owe anything for tax"
However, it doesn't show anything withheld on the 1099R
I am taking life expectancy payments from my TSP account and when I enter the information from the 1099R into turbo tax it says "good news, you dont owe anything for tax"
You need to contact OPM online and adjust the retirement to have taxes taken out. Otherwise you will have the same problem next year.
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