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Returning Member
posted Mar 27, 2022 10:46:28 AM

Where and how do I enter a 401K penality withdrawal waiver for Financial Hardship

Where and how do I enter the early withdrawal penality waiver amount using Turbo Tax Deluxe?  Is it in the 1099R drop down menu section titled: These Situations May Lower Your Tax Bill under "other reasons"?

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1 Replies
Level 15
Mar 27, 2022 10:49:52 AM

Financial hardship is not an exception from the 10% early distribution penalty.

Go to this IRS website for the exceptions from the penalty when the withdrawal is from an account that is not an IRA - https://www.irs.gov/taxtopics/tc558