@tuanngnttax wrote:
I took out 13k; so how much do you think the penalty will be?
If the withdrawal was because of Covid-19 the penalty will be waived. Once you enter the Form 1099-R in the program you will be asked a series of questions, one of which will refer to Covid-19 and if it was the reason for the withdrawal.
Otherwise the penalty would be $1,300 plus any other penalties and interest assessed by the IRS.
