My Inherited IRA is not subject to the 20% penalty early withdrawal but your program seems to have applied the 20% penalty.

 

Retirement tax questions

What code is in box 7?
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

Retirement tax questions

There is no 20% penalty.  You do have to pay the normal tax.  If you are in the 20% tax bracket that would be the tax.


**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

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