This seems so simple. I entered my routinely paid yearly RMD (data from its 1099-R). It was generated and paid like it should have been in 12/2023. Turbo tax somehow says "We noticed you had to take out money from a retirement plan early." It speaks of tax penalties. I am 74 and don't recall anything like this last year. I am using Turbotax Desktop. What happened? What should I do? Thank you for your time.
Token# 104607609-71715135 @DanaB27
Thank you, I reviewed your return. One of your Form 1099-R is entered with code 1, please verify if that is the correct code shown in box 7. If not, then please edit your entry.
If you indeed have code 1 in box 7 then you can enter then you can enter the amount under “Other” on the “These Situations May Lower Your Tax Bill”. This will remove the 10% early withdrawal penalty.
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