Question

I took an early IRA withdrawal of $10,000 after the birth of my twins. I thought under the Secure Act I would not pay a penalty. I do not see that an option though.

Forum|Forum|5 years ago
January 28, 2021
1 reply
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TurboTax Premier Online

You are correct, you don't have to pay the penalty if you withdrew the money because of Covid. After you enter your form 1099-R in TurboTax, you should see a screen that says Did you use your IRA to pay for any of these expenses? You need to enter your distribution amount in the last box that says Another Reason.

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