2014 California : Early Retirement Withdrawals
In California, taxpayers under the age of 59 ½, may have a tax penalty on certain early retirement withdrawals.
Certain California customers, who had early retirement withdrawals, may have filed an incorrect California tax return.
TurboTax has fixed this issue.
How to tell if you may be impacted
You may be affected if ALL of the following are true:
- You filed your California state tax return prior to 2/19/15 AND
- Your federal Form 1040 has an amount on line 59 (Additional tax on IRAs….) AND
- Your California Form 540, line 63 (Other taxes) is blank.
If you are affected, you may have underpaid your state tax. You may need to amend your 2014 California return.
To amend your return:
- Follow these step by step amend instructions for the TurboTax Online product.
- Follow these step by step amend instructions for the TurboTax CD Download product.
- After you make the changes to your tax return, you will need to mail a copy of your amended state return.
- Your printed return will include instructions on how and where to mail it.
If you need to contact us, please use the phone number in the email from TurboTax and tell the representative you’re calling about California 2014: Early Retirement Withdrawals.