Turbo tax add an erroneous early withdrawl penalty for an inherited IRA. This has to be a mistake by Turbo Tax. I took the RMDs for both of my inherited IRAs in 2019.

phillip_prather · ‎October 16, 2020

You can't be charged an early withdrawl penalty for an inherited IRA. I have taken all of the RMDs since inheriting 2 IRAs in 2016. This was a mistake by Turbo Tax. Please help.

macuser_22 · ‎October 16, 2020

What code is in box 7 on the 1099-R?

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

Critter-3 · ‎October 16, 2020

And what code did you enter in the program ?

fanfare · ‎October 16, 2020

It is not an error in TurboTax it is an error by you.

As you noted there is no early withdrawal penalty on Inherited IRAs.

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Turbo tax add an erroneous early withdrawl penalty for an inherited IRA. This has to be a mistake by Turbo Tax. I took the RMDs for both of my inherited IRAs in 2019.