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sdpietrie
New Member

I didn’t take an early withdrawal from my annuity but I being charged $49 for the early withdrawal. How can I correct this before I file my taxes?

 
1 Reply
SamiaI
New Member

I didn’t take an early withdrawal from my annuity but I being charged $49 for the early withdrawal. How can I correct this before I file my taxes?

Did you receive any 1099-R ? If you received and entered a 1099-R, with a code 1 in Box 7, it will be treated as early withdrawal by the software.

Unless you qualify for an exception, you’ll pay a 10% additional tax penalty on the taxable amount of early distributions from an IRA (traditional or Roth) before reaching age 59 1/2. The exception is entered on Form 5329, additional taxes on qualified plans. In the Search box located in the upper right of the program screen enter 5329. Click on Jump to 5329, additional taxes on qualified plans.

If you didn't receive a 1099-R, you may delete it from TurboTax. Here's the general procedure for deleting unwanted forms, schedules, and worksheets in TurboTax Online:

  1. Open your return in TurboTax. (To do this, sign in to TurboTax, and select the Take me to my return button.)
  2. In the left side bar, select Tax ToolsTools.
  3. In the pop-up window Tool Center, choose Delete a form.
  4. Select Delete next to the form/schedule/worksheet and follow the onscreen instructions.

See the TurboTax faq for exceptions:

https://ttlc.intuit.com/replies/3301632

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