Can you please tell me why my "federal tax due" went up by over $3k when I entered my 1099-R early withdrawal due to health emergency - I was told it was exempted.

wildangelembrace — Sat, 01 Jun 2019 17:54:23 GMT

Thank you

If you qualify for one of the exceptions, you still have...

maglib — Sat, 01 Jun 2019 17:54:24 GMT

If you qualify for one of the exceptions, you still have to report your withdrawal as income, but you don't have to pay the 10% additional tax penalty. Did you go through the interview on the 1099R completely to claim it as an exception? If so, the amount of the withdrawal becomes income in the current year (basically you had put the money in pretax and now withdrawing it so you must pay tax on the income). You should not be charged the 10% penalty amount though.

I hope this was helpful.

I am not a TT employee.

All the best in your taxes and health issues.

topic Can you please tell me why my "federal tax due" went up by over $3k when I entered my 1099-R early withdrawal due to health emergency - I was told it was exempted. in Retirement tax questions

Can you please tell me why my "federal tax due" went up by over $3k when I entered my 1099-R early withdrawal due to health emergency - I was told it was exempted.

If you qualify for one of the exceptions, you still have...