I withdrew money from my ROTH-IRA acoount on May-2020 ,and the money is used for payment for my first house. So when i used tobotax filed my tax return, it said I don't need to pay the 10% penal fee for early withdraw.
But In my Form-1099-R from the ROTH-IRA account, the FED AND STATE already withheld parts of the money. Does this mean I have paid the 10% penal fee for early withdraw?
I didn't see these with draw in my tax return file form.
Thank you!
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No, you don't have to pay the 10% penalty fees if you met the exception. For your information, you can withdraw contributions you made to your Roth IRA anytime, tax- and penalty-free.
The withheld federal taxes from the 1099-R will show on line 25b on Form 1040. You state taxes withheld from your 1099-R will also carry over to your state return.
These will be credited towards any tax liabilities you might have. If you paid more in than you needed to pay then you will get a refund.
Please make sure your entered the withheld taxes (box 4 and box 14) into TurboTax when you entered your 1099-R.
Thank you so much!
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