To clarify, you have both codes on one Form 1099-R? It is wrong to use both codes together, you might have to contact your financial institute. If you are older than 59 1/2 you can enter an exception from the 10% early withdrawal penalty: Click on the "Search" on the top right and type “1099-R” Click on “Jump to 1099-R” Enter your Form 1099-R Click "Continue" after all 1099-R are entered and answer all the questions. Continue until "Did you use your IRA to pay for any of these expenses?" screen and enter the amount under "Another reason" if you are over 59 1/2.

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ckydd-colonialch

Level 1

Question

I have a 1099R with both pre (code 1) and post 59 1/2 (code 7) proceeds. The program is computing the additional tax of 10% on the the entire 1099R? Why?

Forum|Forum|4 years ago
April 13, 2022
2 replies
0 views

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TurboTax Deluxe Online

DanaB27

Level 15

To clarify, you have both codes on one Form 1099-R? It is wrong to use both codes together, you might have to contact your financial institute.

If you are older than 59 1/2 you can enter an exception from the 10% early withdrawal penalty:

Click on the "Search" on the top right and type “1099-R”
Click on “Jump to 1099-R”
Enter your Form 1099-R
Click "Continue" after all 1099-R are entered and answer all the questions.
Continue until "Did you use your IRA to pay for any of these expenses?" screen and enter the amount under "Another reason" if you are over 59 1/2.

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dmertz

Level 15

If you have one page showing separate code-1 and code-7 amounts, these are two separate Forms 1099-R reported on a single page. Enter each Forms 1099-R separately.

If instead you have a single code-1 Forms 1099-R that includes amounts received after you reached age 59½, claim an Other reason exception to the early-distribution penalty on the portion received after age 59½.