It looks like my Federal pension is being treated as an IRA. It tells me that I made a 45,866 deduction. This was the taxable amount of my pension. I entered it right. It tells me I owe 4,587 in early withdrawal penalty. My IRA did have a 14,500 taxable gross distribution. But they are not the same. And anyway I am 67 years old so the early withdrawal would not apply.
By the way, the program is also telling me that I did not finish doing my residential property tax input. I triple checked. It is there. It still wants me to go back and complete it. Doesn't matter, TurboTax tells me I am claiming the Standard deduction.
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entering the wrong Distribution Code for your 1099-R can result in form 5329 with a 10% penalty.
entering the wrong Distribution Code for your 1099-R can result in form 5329 with a 10% penalty.
You said:
"By the way, the program is also telling me that I did not finish doing my residential property tax input. I triple checked. It is there. It still wants me to go back and complete it. Doesn't matter, TurboTax tells me I am claiming the Standard deduction."
For 2918 many taxpayers that itemized in the past will find that they can no longer itemize because the standard deduction has doubled so all of their itemized deduction s no longer exceed the standard deduction.Still have questions?
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