Hi!
In 2022, my son quit his job with which he had a pre-tax 410K account. He transferred that money to an IRA. He could not find a job quickly enough, so he began to early-withdraw money from the IRA (he's in his 20s). He received two 1099-R forms, one for the transfer to IRA ,and the other for his early withdrawals from the IRA. Do both forms need to be input into TT, even though it reflects the same funds? It seems odd seeing the same money counted as income twice, even though the original transfer is non-taxable.
Sorry, follow-up question -- it appears that unemployment is not an exception to the 10% early withdrawal penalty. Is that true?
Thanks!
BGRANT85