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M
Manager
Level 2
March 25, 2022
Question

Proseries calculates 10% penalty on early withdrawal of IRA for person over 60 years.

  • March 25, 2022
  • 3 replies
  • 17 views

TP is over 60 years, but the Proseries softwares calculates 10% penatly on the tax return.  No is marked for form 5329

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3 replies

Just-Lisa-Now-
Just-Lisa-Now-Intuit Community Champion
Intuit Community Champion
March 25, 2022
whats the code in Box 7 of the 1099R?
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
    M
    ManagerAuthor
    Level 2
    March 25, 2022

    CODE 1

    M
    ManagerAuthor
    Level 2
    March 25, 2022

    Even for TP over 72 years its calculating 10% penalties with code 1, which I think is not correct.

    BobKamman
    BobKamman
    Level 15
    March 26, 2022

    He could be 60 today but under 59 1/2 when he withdrew funds in early 2021.  What was the date of the distribution, and how old was he at that time?

      M
      ManagerAuthor
      Level 2
      March 26, 2022

      DOB is 1958 and code 1 reported on Form 1099-R. 

      BobKamman
      BobKamman
      Level 15
      March 26, 2022

      The IRA trustee probably doesn't have the DOB.  Box 7 should be Code 7 or Code 4.  

        sjrcpa
        sjrcpa
        Level 15
        March 26, 2022

        On the 5329 isn't one of the exceptions to the penalty "Code 1 was an error", or something to that effect?

        The more I know the more I don’t know.
          Jim-from-Ohio
          Jim-from-OhioIntuit Community Champion
          Intuit Community Champion
          March 26, 2022

          Code L, Other 

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