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bluwatr9
New Member

I received $1500 IRA withdrawal and over 59 1/2. Normal distribution. Where is this distribution from?

What does not eligible for exclusion for those over age 59 1/2 mean?
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1 Reply
KathrynG3
Expert Alumni

I received $1500 IRA withdrawal and over 59 1/2. Normal distribution. Where is this distribution from?

Where the distribution is from will be cited on Form 1099-R as received. The payer will be listed.

 

Not eligible for exclusion for those over age 59 1/2 would mean that the distribution was not normal, it was early. It would be subject to the 10% additional early distribution tax. 

 

There are some situations where the 10% additional early distribution tax would be forgiven if certain conditions were met. This could include paying for educational expenses, for example. TurboTax will capture this detail in the screens that follow under "Do any of these uncommon situations apply."

 

If it is a normal distribution, then there would not be any additional tax.

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