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knoppda
New Member

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.

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3 Replies

TurboTax is wrongly assessing a 10% IRA withdrawal penalty

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.  

knoppda
New Member

TurboTax is wrongly assessing a 10% IRA withdrawal penalty

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

TurboTax is wrongly assessing a 10% IRA withdrawal penalty

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

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