1099-R

Forum|Forum|6 years ago
May 2, 2020
1 reply
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Section Money Received Before Age 59 1/2?

I answered no but when I go back to review, it defaulted back to Yes. Did this several times and it keeps defaulting back to Yes. Why is Turbo Tax not accepting my selection? I think I'm being charged a penalty for early withdrawal and I should not be.

macuser_22

Alumni - Champ

Answers are not remembered, it is only used to get you to the next screen. If you repeat the interview, you must answer the question again.

Why do you think you have an exception to the penalty?

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

amooneyAuthor

Level 2

I think I have an exception to the penalty because my birthday is Jan 1960 and I withdrew the money Sept 2019. Past 59 1/2.

macuser_22

Alumni - Champ

@amooney wrote:

I think I have an exception to the penalty because my birthday is Jan 1960 and I withdrew the money Sept 2019. Past 59 1/2.

If you entered your DOB correctly in the personal information section then if the box 7 code on the 1099-R is a 1, or J then you should get this question in the 1099-R interview. If not, then delete the 1099-R and re-enter.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**