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.

kwlppl · ‎June 4, 2019

How can I check to make sure turbotax is not applying the early withdrawal 10% penalty

macuser_22 · ‎June 4, 2019

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**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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macuser_22 · ‎June 4, 2019

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 · ‎June 4, 2019

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

macuser_22 · ‎June 4, 2019

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 · ‎June 4, 2019

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.

macuser_22 · ‎June 4, 2019

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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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.