topic Turbo tax add an erroneous early withdrawl penalty for an inherited IRA. This has to be a mistake by Turbo Tax. I took the RMDs for both of my inherited IRAs in 2019. in Retirement tax questions

Turbo tax add an erroneous early withdrawl penalty for an inherited IRA. This has to be a mistake by Turbo Tax. I took the RMDs for both of my inherited IRAs in 2019.

phillip_prather — Fri, 16 Oct 2020 20:31:50 GMT

You can't be charged an early withdrawl penalty for an inherited IRA. I have taken all of the RMDs since inheriting 2 IRAs in 2016. This was a mistake by Turbo Tax. Please help.

Re: Turbo tax add an erroneous early withdrawl penalty for an inherited IRA. This has to be a mistake by Turbo Tax. I took the RMDs for both of my inherited IRAs in 2019.

macuser_22 — Fri, 16 Oct 2020 20:35:22 GMT

What code is in box 7 on the 1099-R?

Re: Turbo tax add an erroneous early withdrawl penalty for an inherited IRA. This has to be a mistake by Turbo Tax. I took the RMDs for both of my inherited IRAs in 2019.

Critter-3 — Fri, 16 Oct 2020 22:40:13 GMT

And what code did you enter in the program ?

Re: Turbo tax add an erroneous early withdrawl penalty for an inherited IRA. This has to be a mistake by Turbo Tax. I took the RMDs for both of my inherited IRAs in 2019.

fanfare — Sat, 17 Oct 2020 01:05:41 GMT

It is not an error in TurboTax it is an error by you.

As you noted there is no early withdrawal penalty on Inherited IRAs.