- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
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
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
**Mark the post that answers your question by clicking on "Mark as Best Answer"
‎February 16, 2023
9:08 PM