The tax that was withheld was only an estimated amount of tax. If you were younger than 59 1/2 you also have a 10% early withdrawal penalty. Just like when you have tax withheld from your paychecks and tax is withheld, you enter all of the information including the amount of income and amount of tax withheld...The software calculates whether you had too much withheld and you get a refund, or if you had too little tax withheld, you could still owe.
**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
