We cannot answer that question with only one amount. We do not know how much other income you received, do not know your filing status, whether you have dependents, etc etc etc. You also have not told us what kind of retirement fund you cashed out. If it was a 401k there is no exclusion to the 10% early withdrawal penalty; there is an exclusion to the 10% early withdrawal penalty if you took up to $10K from a traditional IRA to purchase a home. And.....the distribution is taxable as ordinary income in your tax bracket so you will enter a 1099R on your tax return when you receive it in late January/early February.
To enter your retirement income, Go to Federal> Wages and Income>Retirement Plans and Social Security>IRA 401 k) Pension Plan Withdrawals to enter your 1099R.
**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.**
