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Retirement tax questions
Are you under 59 1/2? Then yes there is an additional 10% Early Withdrawal Penalty in addition to the tax on the total withdrawal. So it could be 10% for tax and 10% penalty or $200. But even if you had 20% taken out to cover the tax it would still break out and show the 10% penalty as a separate line on your tax return.
May 15, 2025
4:01 PM