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mtunner1
New Member

Withdrawal from annuity - turbo tax says it was before 59 1/2 when it wasn't

Am working on my taxes and input the withdrawals from the 1099-R.  Turbo Tax indicates that the payment was taken before age 59 1/2 and it was not.  I can not over-ride.  How do I fix?

3 Replies
dmertz
Level 15

Withdrawal from annuity - turbo tax says it was before 59 1/2 when it wasn't

What is the code in box 7 of the Form 1099-R provided by the payer?

Is the IRA/SEP/SIMPLE box marked?

Do you see any amount on Schedule 2 line 6?

mtunner1
New Member

Withdrawal from annuity - turbo tax says it was before 59 1/2 when it wasn't

Code is 7, IRA Simple is marked with an X.

 

Not sure what schedule 2 is ... 

dmertz
Level 15

Withdrawal from annuity - turbo tax says it was before 59 1/2 when it wasn't

The code 7 indicates that TurboTax will not treat the distribution as an early-distribution penalty.  If 2019 TurboTax asks if you were age 59½ at the time of the distribution because you reached age 59½ in 2019, answer accurately and move on.  If you revisit the question you'll need to repeat your answer.

 

Schedule 2 line 6 is where the penalty would appear on your tax return.  If TurboTax is not including Schedule 2 in your tax return, there is no early-distribution penalty present in your tax return.

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