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New Member
posted Oct 15, 2020 11:17:46 AM

Where can I see why I'm being charged an early withdrawal fee from my ira or 401k?

I think the calculation is inaccurate and I need to change it.

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1 Replies
Level 15
Oct 15, 2020 11:23:35 AM

What is the code in box 7 of the Form 1099-R?  If you are under age 59 1/2 at the time of the distribution and the code in box 7 is not a 2, then the penalty would apply unless you had an exception to the penalty.

 

The early distribution penalty is on Schedule 2 Line 6