Open TurboTax

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
Your taxes, your way. Get expert help or do it yourself. >> Get started
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

cancel
Showing results for 
Search instead for 
Did you mean: 
patmoudy
New Member

Why am I being charged for taking an early withdrawal? I am 80 years old.

 
1 Best answer

Accepted Solutions
KenH1
New Member

Why am I being charged for taking an early withdrawal? I am 80 years old.

One of three things is happening:

1) You entered your birthdate incorrectly in the Personal Info section;

2) You entered the wrong code from box 7 of your 1099-R;

3) Your retirement plan administrator incorrectly reported the box 7 code.  It should not be code 1. Maybe it's code 7?

View solution in original post

1 Reply
KenH1
New Member

Why am I being charged for taking an early withdrawal? I am 80 years old.

One of three things is happening:

1) You entered your birthdate incorrectly in the Personal Info section;

2) You entered the wrong code from box 7 of your 1099-R;

3) Your retirement plan administrator incorrectly reported the box 7 code.  It should not be code 1. Maybe it's code 7?

About Community

Learn about taxes, budgeting, saving, borrowing, reducing debt, investing, and planning for retirement.

3.49m
Members

2.62m
Discussions

Manage cookies
v