You'll need to sign in or create an account to connect with an expert.
To input it into Turbo Tax:
1. Click Federal on the left-hand side menu.
2. Click Income across the top.
3. Scroll down to Retirement Plans and Social Security and click Show more.
4. Click Start or Revisit by IRA, 401(k), Pension Plan Withdrawals (1099-R).
Enter the $26.83 1099-R, and keep going till you get to the page shown below.
If you're still not getting the penalty applied, go to My Info and check the recipients age: s/he needs to be over 70 1/2.
It's figured on Form 5329, and then carried to Schedule 4. From there, it goes to Form 1040, line 14 and gets figured in with your other tax.
If you have other retirement accounts, you figure the penalty based on them as a whole, instead of each fund. An example:
10,000 Retirement fund A
25,000 Retirement fund B
10 Retirement fund C
-----------
35,010 Total of all funds
To input it into Turbo Tax:
1. Click Federal on the left-hand side menu.
2. Click Income across the top.
3. Scroll down to Retirement Plans and Social Security and click Show more.
4. Click Start or Revisit by IRA, 401(k), Pension Plan Withdrawals (1099-R).
Enter the $26.83 1099-R, and keep going till you get to the page shown below.
If you're still not getting the penalty applied, go to My Info and check the recipients age: s/he needs to be over 70 1/2.
It's figured on Form 5329, and then carried to Schedule 4. From there, it goes to Form 1040, line 14 and gets figured in with your other tax.
If you have other retirement accounts, you figure the penalty based on them as a whole, instead of each fund. An example:
10,000 Retirement fund A
25,000 Retirement fund B
10 Retirement fund C
-----------
35,010 Total of all funds
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
spichon
Level 3
ac95035
Level 2
avcan2
New Member
ALIKA027
Level 1
jwurz18-msn-com
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.