topic I need to enter the 10% penalty for taking an early withdrawal from my traditional IRA but TurboTax Premier won't let me enter just the penalty. I don't have additional tax to pay because I've lost income in the IRA per my cost basis. in Retirement tax questions https://ttlc.intuit.com/community/retirement/discussion/i-need-to-enter-the-10-penalty-for-taking-an-early-withdrawal-from-my-traditional-ira-but-turbotax/01/3166018#M209875 <P>I need to enter the 10% penalty for taking an early withdrawal from my traditional IRA but TurboTax Premier won't let me enter just the penalty. I don't have additional tax to pay because I've lost income in the IRA per my cost basis. Can TurboTax pleased fix this?&nbsp; I overrode Form 5329 to include the penalty but now I can't eFile.</P> Wed, 11 Feb 2026 04:30:26 GMT Angelbaby 2026-02-11T04:30:26Z I need to enter the 10% penalty for taking an early withdrawal from my traditional IRA but TurboTax Premier won't let me enter just the penalty. I don't have additional tax to pay because I've lost income in the IRA per my cost basis. https://ttlc.intuit.com/community/retirement/discussion/i-need-to-enter-the-10-penalty-for-taking-an-early-withdrawal-from-my-traditional-ira-but-turbotax/01/3166018#M209875 <P>I need to enter the 10% penalty for taking an early withdrawal from my traditional IRA but TurboTax Premier won't let me enter just the penalty. I don't have additional tax to pay because I've lost income in the IRA per my cost basis. Can TurboTax pleased fix this?&nbsp; I overrode Form 5329 to include the penalty but now I can't eFile.</P> Wed, 11 Feb 2026 04:30:26 GMT https://ttlc.intuit.com/community/retirement/discussion/i-need-to-enter-the-10-penalty-for-taking-an-early-withdrawal-from-my-traditional-ira-but-turbotax/01/3166018#M209875 Angelbaby 2026-02-11T04:30:26Z Re: I need to enter the 10% penalty for taking an early withdrawal from my traditional IRA but TurboTax Premier won't let me enter just the penalty. I don't have additional tax to pay because I've lost income in the IRA per my cost basis. https://ttlc.intuit.com/community/retirement/discussion/re-i-need-to-enter-the-10-penalty-for-taking-an-early-withdrawal-from-my-traditional-ira-but/01/3166024#M209877 <P>When you enter the Form 1099-R in TurboTax and you have a 10% early withdrawal penalty based on the code in box 7, the TurboTax program will have the penalty entered on your federal tax return, Form 1040, as a tax liability.&nbsp; You do not enter anything in regards to the penalty, it is all done by the software.</P> Sun, 04 Feb 2024 21:20:33 GMT https://ttlc.intuit.com/community/retirement/discussion/re-i-need-to-enter-the-10-penalty-for-taking-an-early-withdrawal-from-my-traditional-ira-but/01/3166024#M209877 DoninGA 2024-02-04T21:20:33Z Re: I need to enter the 10% penalty for taking an early withdrawal from my traditional IRA but TurboTax Premier won't let me enter just the penalty. I don't have additional tax to pay because I've lost income in the IRA per my cost basis. https://ttlc.intuit.com/community/retirement/discussion/re-i-need-to-enter-the-10-penalty-for-taking-an-early-withdrawal-from-my-traditional-ira-but/01/3166060#M209881 <P>Thank you, DoninGA. However, the only way I can pay the 10% penalty currently with TurboTax premier is to also pay additional tax (which isn’t due). All I need to pay is my 10% penalty. I’ve kept my forms 8606 throughout the tax years. My IRA lost income over all these years and I do not owe additional tax based on my IRA cost basis. I need TurboTax premiere to fix this issue so I can e-file.</P> Sun, 04 Feb 2024 21:39:30 GMT https://ttlc.intuit.com/community/retirement/discussion/re-i-need-to-enter-the-10-penalty-for-taking-an-early-withdrawal-from-my-traditional-ira-but/01/3166060#M209881 Angelbaby 2024-02-04T21:39:30Z Re: I need to enter the 10% penalty for taking an early withdrawal from my traditional IRA but TurboTax Premier won't let me enter just the penalty. I don't have additional tax to pay because I've lost income in the IRA per my cost basis. https://ttlc.intuit.com/community/retirement/discussion/re-i-need-to-enter-the-10-penalty-for-taking-an-early-withdrawal-from-my-traditional-ira-but/01/3166167#M209894 <P>The 10% early-distribution penalty only applies to <U>taxable</U>&nbsp;traditional IRA distributions.&nbsp; If your traditional IRA distribution was nontaxable because your basis in nondeductible traditional IRA contribution was more than the amount of the distribution plus the value of your traditional IRAs at year end, there is no penalty.</P> Sun, 04 Feb 2024 22:27:48 GMT https://ttlc.intuit.com/community/retirement/discussion/re-i-need-to-enter-the-10-penalty-for-taking-an-early-withdrawal-from-my-traditional-ira-but/01/3166167#M209894 dmertz 2024-02-04T22:27:48Z Re: I need to enter the 10% penalty for taking an early withdrawal from my traditional IRA but TurboTax Premier won't let me enter just the penalty. I don't have additional tax to pay because I've lost income in the IRA per my cost basis. https://ttlc.intuit.com/community/retirement/discussion/re-i-need-to-enter-the-10-penalty-for-taking-an-early-withdrawal-from-my-traditional-ira-but/01/3166208#M209901 <P>Fantastic, thank you!</P> Sun, 04 Feb 2024 22:42:29 GMT https://ttlc.intuit.com/community/retirement/discussion/re-i-need-to-enter-the-10-penalty-for-taking-an-early-withdrawal-from-my-traditional-ira-but/01/3166208#M209901 Angelbaby 2024-02-04T22:42:29Z