I started taking distribution from my inherited IRA this year.I am 66 years old.While filling out my Turbo Tax..It keeps adding a 10% penalty for early withdrawal.How do I get it to stop doing this.
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There is no penalty on an inherited IRA.
What code is in box 7 on your 1099-R?
I figured it out. .Under exceptions ..I clicked other.
Because I'm older than 59 and entered the full amount of my distribution..and It removed the 10% penalty.
That is not the correct remedy because you should never even see that screen with an inherited IRA. Again what code is in box 7? - something is wrong here.
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