Unless it is a Roth IRA or the IRA had Basis, it is taxable, plus the 10% penalty.
Why do you think it would not be taxable???
You’ve come to an Intuit site supporting tax professionals, and you may be looking for support as an individual taxpayer. Please visit the TurboTax Help site for support. AND TRY NOT TO SHOUT
You should seek the services of a tax professional, youve got several different things happening.
Your IRA distribution and its reporting options and your possible hurricane loss are separate issues.
On the positive side, at least you are getting to your return early to give you plenty of time to figure things out and figure out how you are going to pay all of that tax.
As a side note, who told you that it was going to be free money or was that something you read on that old reliable internet?
An advance? Retirement plans might provide for loans. Retirement accounts don't allow you to borrow.
Getting your own money doesn't lessen a loss. An insurance settlement would lessen the loss, since it is to compensate for the loss.
There are a whole lot of things going wrong, here. And this likely is going to be a bit expensive: $100,000 taken. Whew.
Are you using ProSeries to prepare this tax return?
You seem to be lost on the internet. You’ve come to a Peer User community for Intuit Income Tax Preparation products supporting tax preparation professionals using ProSeries, Proconnect and Lacerte Tax Preparation programs, and you may be looking for support as an individual taxpayer using TurboTax. Please visit the TurboTax Help site for support.
And try this screen, for the various topics (subforums): https://ttlc.intuit.com/community/discussions/discussion/03/302
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Thanks.
Perhaps CAPS is a sign of desperation something many of us encounter this time of year. I am not sure this will be what you are looking for but perhaps it will be of some help. As this resource points out there is a difference between penalty free and tax free. I think this may be the source of the confusion. You will want to check but there is normally a period to repay the distribution if in fact there was a misunderstanding.https://www.dontmesswithtaxes.com/2022/10/tax-issues-when-tapping-retirement-accounts-after-a-disast...
@ACCLIGHT some people use all caps because it is easier to type and faster and easier to read. I used to do this. It has nothing to do with someone shouting. And who the heck made the rule that you can't type all caps anyways? Who was the moron that said all caps is hollering? I'd like to know.
I don't know how that came to be. I would sure tempted to use them when it comes tax time and I am reading code instead of sleeping. This stuff can get frustrating ( : Anyway I was out posting a question of my own and figured I might be a bit of help in yours. All the best.
@PATAX "some people use all caps because it is easier to type and faster and easier to read. "
Readability is reduced with all caps because all words have a uniform rectangular shape, meaning readers can't identify words by their shape.
https://accessibility.huit.harvard.edu/design-readability#:~:text=
But if you think you're more important than the reader, no reason not to show that from the start.
@BobKamman I could care less what that guy from Harvard said. To me it is easier to type and read in all caps. And I'll do what I want to do. PERIOD.
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