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If I withdrew money from my IRA and I am over 59 1/2, Can I enter that amount on the Other line on the Situations my lower your tax bill page?

 
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3 Replies

If I withdrew money from my IRA and I am over 59 1/2, Can I enter that amount on the Other line on the Situations my lower your tax bill page?

If you took money from an IRA you must enter a 1099R.

 

To enter your retirement income, Go to  Federal> Wages and Income>Retirement Plans and Social Security>IRA  401 k) Pension Plan Withdrawals to enter your 1099R.

 

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

If I withdrew money from my IRA and I am over 59 1/2, Can I enter that amount on the Other line on the Situations my lower your tax bill page?

Is it giving you the 10% Early Withdrawal Penalty on the withdrawal?   When did you turn 59 1/2?   Check your date of birth under My Info.   You should probably only owe regular income tax on it.   Did they take any tax withholding out of it?   Oh what code is in box 7 on the 1099R?

If I withdrew money from my IRA and I am over 59 1/2, Can I enter that amount on the Other line on the Situations my lower your tax bill page?

@weyrick-linda on the date you distibuted the money from your IRA, were you over 59.5?  unlike many other rules, you must have been at least 59.5 as of the date you distributed the money.  It's not whether you were over 59.5 on December 31. What is the code in Box 7? 

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