Skip to main content
TurboTax
Community
TurboTax
Community
TurboTax
Community
J
jimgcarlson
February 26, 2025
Question

For an early retirement withdraw, should i pick eligible emergency expense OR separation from service after age 55, if both apply? Does it matter which one I pick?

  • February 26, 2025
  • 1 reply
  • 0 views
No text available

    1 reply

    DoninGA
    DoninGA
    Employee
    February 26, 2025

    If you separated from your employer at age 55 or older, then you would not be subject to the 10% early distribution penalty.  Box 7 of the Form 1099-R would have a code of 2—Early distribution, exception applies (under age 59½).

    TurboTax Sign In Widget
    TurboTax flag icon

    Unlock tailored help options in your account

    Create an account
    TurboTax Expert Assist
    TurboTax Expert

    Get answers to all your tax questions

    Our experts are available on-demand, no appointment needed. Get help all year long with TurboTax Expert Assist.

    Terms & ConditionsAccessibility statement
    Intuit
    TurboTax Credit Karma QuickBooks MailChimp

    ©1997-2022 Intuit, Inc. All rights reserved.
    Intuit, QuickBooks, QB, TurboTax, ProConnect, and Mint are registered trademarks
    of Intuit Inc. Terms and conditions, features, support, pricing, and service options
    subject to change without notice.

    Security Certification of the TurboTax Online application has been performed by
    C-Level Security.

    By accessing and using this page you agree to the Terms of Use.

    Accessibility

    TRUSTe nResult Certified e-File C-Level Security Certification