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kwlppl
New Member

I took a distribution from my IRA. It asked if any of this was an early distribution and I checked no. The taxes seem to be higher than I expected.

How can I check to make sure turbotax is not applying the early withdrawal 10% penalty
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I took a distribution from my IRA. It asked if any of this was an early distribution and I checked no. The taxes seem to be higher than I expected.

Solved in comments

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

View solution in original post

5 Replies

I took a distribution from my IRA. It asked if any of this was an early distribution and I checked no. The taxes seem to be higher than I expected.

That is determined by the code in box 7 on your 1099-R.
What code is in box 7?
Are you over age 59 1/2?
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
kwlppl
New Member

I took a distribution from my IRA. It asked if any of this was an early distribution and I checked no. The taxes seem to be higher than I expected.

Code 7, I took the distribution on December 1st. Birthday is May 31st. So yes I was over 59 1/2.  I consulted with Fidelity representatives to confirm this

I took a distribution from my IRA. It asked if any of this was an early distribution and I checked no. The taxes seem to be higher than I expected.

A code 7 is a normal distribution only subject to the normal income tax - not any penalty.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
kwlppl
New Member

I took a distribution from my IRA. It asked if any of this was an early distribution and I checked no. The taxes seem to be higher than I expected.

Thank you.  Also, after completing all sections of the TurboTax return it actually stated that I did not pay an early withdrawal penalty.  It would have answered my question eventually.

I took a distribution from my IRA. It asked if any of this was an early distribution and I checked no. The taxes seem to be higher than I expected.

Solved in comments

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
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