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K
knoppda
January 17, 2025
Question

TurboTax is wrongly assessing a 10% IRA withdrawal penalty

  • January 17, 2025
  • 1 reply
  • 0 views

I withdrew $26K from a traditional IRA at age 63 and TurboTax Premier is insisting on a 10% penalty $2600 :(.

 

I believe this is incorrect since I'm older than 59 1/2.

 

My birthdate is entered correctly.

    1 reply

    VolvoGirl
    VolvoGirl
    Employee
    January 17, 2025

    Are you married and your spouse is  under 59 1/2?  You may  have assigned the 1099R to them.   One thing you can do is delete the 1099R and enter it again manually.  That usually clears something out and fixes it.  

    K
    knoppdaAuthor
    January 17, 2025

    No, I am lifelong single and 63 (over 59 1/2).  Deleting 1009-R and reentering made no difference.

    DoninGA
    DoninGA
    Employee
    January 17, 2025

    What is the code entered in box 7 for the Form 1099-R ?

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