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June 6, 2019
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Why am I being charged for taking an early withdrawal? I am 80 years old.

  • June 6, 2019
  • 1 reply
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Best answer by KenH1

One of three things is happening:

1) You entered your birthdate incorrectly in the Personal Info section;

2) You entered the wrong code from box 7 of your 1099-R;

3) Your retirement plan administrator incorrectly reported the box 7 code.  It should not be code 1. Maybe it's code 7?

1 reply

KenH1Answer
Employee
June 6, 2019

One of three things is happening:

1) You entered your birthdate incorrectly in the Personal Info section;

2) You entered the wrong code from box 7 of your 1099-R;

3) Your retirement plan administrator incorrectly reported the box 7 code.  It should not be code 1. Maybe it's code 7?