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michaelyu16
Returning Member

Dose this mean I have paid for the 10% penal fee for early withdraw from ROTH-IRA account? But I don't need to pay this.

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!

2 Replies
DanaB27
Employee Tax Expert

Dose this mean I have paid for the 10% penal fee for early withdraw from ROTH-IRA account? But I don't need to pay this.

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.

 

  1. Click on "Tax Tools" in the left menu
  2. Click "Tools"
  3. Click "View Tax Summary" in the Tool Center window
  4. Click on "Preview my 1040" on the left

 

Please make sure your entered the withheld taxes (box 4 and box 14) into TurboTax when you entered your 1099-R.

  1. Login to your TurboTax Account 
  2. Click on the Search box on the top and type “1099-R”
  3. Click on “Jump to 1099-R” and you should see the “Your 1099-R Entries” screen
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michaelyu16
Returning Member

Dose this mean I have paid for the 10% penal fee for early withdraw from ROTH-IRA account? But I don't need to pay this.

Thank you so much!

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