If you took a distribution from your 401(k) or another qualified retirement plan (excluding IRAs) before you turned 59 1/2, you'll pay a 10% early withdrawal penalty, with a few exceptions: Death, or total and permanent disability Qualified Domestic Relations Order Series of substantially equal periodic payments based on life expectancy Dividend pass through from an ESOP IRS levy Unreimbursed medical expenses that are more than a certain amount of your adjusted gross income Certain distributions to qualified military reservists called to active duty Separation from Service if age requirement is metEntering the amounts that qualify for separation from service will exempt you from the early withdrawal penalty.

Question

I have listed my two 1099R forms and now I am trying to figure out if I need to list these amounts in my separation of service question.

Forum|Forum|3 years ago
January 30, 2023
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TurboTax Deluxe Online

SantinoD

If you took a distribution from your 401(k) or another qualified retirement plan (excluding IRAs) before you turned 59 1/2, you'll pay a 10% early withdrawal penalty, with a few exceptions:

Death, or total and permanent disability
Qualified Domestic Relations Order
Series of substantially equal periodic payments based on life expectancy
Dividend pass through from an ESOP
IRS levy
Unreimbursed medical expenses that are more than a certain amount of your adjusted gross income
Certain distributions to qualified military reservists called to active duty
Separation from Service if age requirement is met

Entering the amounts that qualify for separation from service will exempt you from the early withdrawal penalty.