Hello!
I took an early withdrawal from my 401a (the full amount ($121,044) with no special circumstances, I am retired at 52 ), and did not roll it over to an IRA, but deposited it into my personal bank account.
My questions are:
1. My 401a plan distributor took 20% for federal taxes, is that the normal percentage to take?
2. After entering my 1099R for my 401a on turbo tax, it said I owed additional $8,251 more. Why is that?
3. Is there another penalty fee associated with this (aside from the 20%) from the IRS?
Thank you for your help!
