The taxable withdrawal was for $7,491 and the penalty tax is $749. The 1099-R withdrawal code was B1, different from the other withdrawal I made where the penalty tax was not charged. How do I get the TT system to remove the penalty tax?
One of the relief measures for Covid-19 is the exemption of the early withdrawal penalty when you are younger than 59 1/2.
Please read this IRS document for more information.
To take advantage of this exemption, please follow these steps:
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