DawnC
Employee Tax Expert

Retirement tax questions

The 10% penalty would be $577.   Plus you owe regular income tax on the distribution (your tax rate x $5770).   They are required to withhold 20%, but that is usually not enough to cover both ordinary tax plus the penalty.  

 

Did you complete a 1040-X?   If you already filed, you can't change the return you filed, you have to file an amended tax return - Form 1040-X.   The amended return will only show the 1099-R and the associated changes to your tax bill.   

 

Your tax rate can be found here

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