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Retirement tax questions
@heydaddyo7881 The penalty is on Form 5329 if the form is required. The penalty is entered on Schedule 2 Line 8. The total from Schedule 2 Line 21 flows to the federal tax return Form 1040 Line 23. The amount from Line 23 is included in the Total Tax on Line 24.
If the Total Tax from Line 24 is greater than the Total Payments on Line 33 then the amount of federal taxes owed will be shown on Line 37.
March 14, 2022
11:21 AM