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Retirement tax questions
1—Early distribution, no known exception (in most cases, under age 59½)
Then you are being assessed a 10% early distribution penalty on the amount in box 1 of the Form 1099-R. The penalty is entered on your federal tax return as a tax liability on Schedule 2 Line 8. This amount flows to your federal tax return, Form 1040 Line 23.
January 24, 2022
2:03 PM