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February 25, 2025
Question

Additional tax on IRAs or other tax-favored accounts ERROR

  • February 25, 2025
  • 1 reply
  • 0 views

My husband and I are both well over age 59-1/2. We made withdrawals on our IRA in 2024 and now there's a large taxes-due charge showing up in my return. Apparently T'Tax thinks we took the withdrawals too early so we're being dinged. We've withdrawn IRA funds in the past few years and never had this show up in T'Tax. This is obviously a bug. Is it about to be fixed? If not for this, I could file my return (and get the refund I actually have coming).

    1 reply

    fanfare
    Employee
    February 25, 2025

    you have to review Form 5329 Part I Line 4 to confirm your theory.
    If you are penalized there, You did not give TurboTax your correct birthdate.

     

    You probably have a penalty in Part 9, which is where the TurboTax bugs are manifesting.

     

    @Maryrippy