Solved
Why is turbo tax not including IRA early withdrawals in my taxable income?
No text available
It may be because you took the early withdrawal from a Roth IRA instead of a Traditional IRA.
If you took the early withdrawal from a Roth IRA and the amount was not greater than the total contributions you had made to the Roth account through the years, then the withdrawal will not be taxed or penalized. The amount of the distribution will be reported on your Form 1040 line 4a, but it will not be included on line 4b which would be added to your income.
If you took the early withdrawal from a Traditional IRA, then you should revisit the section of your return where the Form 1099-R was entered and verify your information. Also, pay close attention to all of the follow-up questions to be sure they were answered accurately.
Enter your E-mail address. We'll send you an e-mail with instructions to reset your password.
©1997-2022 Intuit, Inc. All rights reserved.
Intuit,
QuickBooks, QB, TurboTax, ProConnect, and Mint are registered
trademarks
of Intuit Inc. Terms and conditions, features, support, pricing,
and service options
subject to change without notice.
Security
Certification of the TurboTax Online application has been
performed by
C-Level Security.
By accessing and using this page you
agree to the
Terms of Use.
Accessibility
