My husband took out an early withdrawal from his simple IRA in the amount of $18,7500. He paid an amount of $3,750.00 in Federal Income Tax Withheld. We were under the assumption that that amount would take care of the taxes and the 10% early withdraw fee. But when I did our taxes, it said we still had to pay $1875.00 for an early withdrawal fee? Is this correct? Our financial adviser said that he was taking more taxes out to make sure everything was already covered and we wouldn't owe on it??
