TurboTax is wrongly assessing a 10% IRA withdrawal penalty

I withdrew $26K from a traditional IRA at age 63 and TurboTax Premier is insisting on a 10% penalty $2600 :(.

I believe this is incorrect since I'm older than 59 1/2.

My birthdate is entered correctly.

2948

Level 15

Jan 17, 2025 12:12:15 AM

Are you married and your spouse is under 59 1/2? You may have assigned the 1099R to them. One thing you can do is delete the 1099R and enter it again manually. That usually clears something out and fixes it.

New Member

Jan 17, 2025 7:09:47 AM

No, I am lifelong single and 63 (over 59 1/2). Deleting 1009-R and reentering made no difference.

Level 15

Jan 17, 2025 7:11:46 AM

What is the code entered in box 7 for the Form 1099-R ?

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TurboTax is wrongly assessing a 10% IRA withdrawal penalty