- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
10% Early Withdrawal on IRA
How is the 10% early withdrawal penalty on an IRA calculated? Turbo Tax is calculating it on the taxable portion not the entire distribution. Which is correct?
October 3, 2020
5:23 PM
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
The penalty is on early distributions included in income.
If you had a basis, the non-taxable part would not be penalized.
October 3, 2020
5:39 PM