I took 118000 from my TSP due to loss from Hurricane Harvey. My 1099-R has a 1 in box 7. How do I add this into turbo tax when 100000 should be penalty free?

I know how to enter it but TT is adding penalty because I have a 1 in box 7. Yet, 18000 is subject to penalty per IRS.

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1 Best answer

Expert Alumni

Jun 6, 2019 8:19:49 AM

The Form that you will need to file in order to waive the 10% Early Withdrawal Penalty due to Hurricane Irma is Form 8915, Qualified Hurricane Retirement Plan Distributions and Repayments.

Form 8915 is estimated to be available to Efile and Print on March 22, 2018.

You can click here for TurboTax Form Availability Dates.

Expert Alumni

Jun 6, 2019 8:19:49 AM

The Form that you will need to file in order to waive the 10% Early Withdrawal Penalty due to Hurricane Irma is Form 8915, Qualified Hurricane Retirement Plan Distributions and Repayments.

Form 8915 is estimated to be available to Efile and Print on March 22, 2018.

You can click here for TurboTax Form Availability Dates.

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I took 118000 from my TSP due to loss from Hurricane Harvey. My 1099-R has a 1 in box 7. How do I add this into turbo tax when 100000 should be penalty free?