I was expecting a 10% penalty on my early retirement distribution, but I do not see it.
Check the Retirement Income (Form 1099-R) screen and make sure you entered the correct distribution code in Box 7 of the 1099-R. An early distribution subject to the 10% penalty will have code 1 entered in Box 7. If a code other than 1 is entered in Box 7, the 10% penalty will not calculate unless the distribution is from a Roth IRA.
Is your pension or IRA distribution showing up as taxable income on the federal Federal Tax Summary screen? If not, check to make sure you entered the correct amounts in Box 1 and Box 2a of the Retirement Income (Form 1099-R) screen. For a pension distribution, the taxable amount of the pension distribution needs to be entered in Box 2a for it to show on the tax return. For an IRA distribution only Box 1 needs to be entered, but then the IRA basis and fair market value information needs to be entered correctly on the following screens for the taxable IRA distribution to calculate correctly.
Also, check to make sure you didn't answer that the distribution was rolled over on the screen right after the Retirement Income (Form 1099-R) screen. If you entered that the distribution was rolled over then the retirement distribution will not show up as taxable income and will not have a 10% penalty on it.
Finally, check the information entered on the Exceptions to the 10 Percent Penalty screen which is a few screens after the 1099-R input screen. If you entered an amount for one of the exceptions then part or all of the distribution will be treated as not being subject to the 10% penalty.
Is your pension or IRA distribution showing up as taxable income on the federal Federal Tax Summary screen? If not, check to make sure you entered the correct amounts in Box 1 and Box 2a of the Retirement Income (Form 1099-R) screen. For a pension distribution, the taxable amount of the pension distribution needs to be entered in Box 2a for it to show on the tax return. For an IRA distribution only Box 1 needs to be entered, but then the IRA basis and fair market value information needs to be entered correctly on the following screens for the taxable IRA distribution to calculate correctly.
Also, check to make sure you didn't answer that the distribution was rolled over on the screen right after the Retirement Income (Form 1099-R) screen. If you entered that the distribution was rolled over then the retirement distribution will not show up as taxable income and will not have a 10% penalty on it.
Finally, check the information entered on the Exceptions to the 10 Percent Penalty screen which is a few screens after the 1099-R input screen. If you entered an amount for one of the exceptions then part or all of the distribution will be treated as not being subject to the 10% penalty.
