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I had early withdrawal penalty but not showing up on amount owed for federal.Do I have to add this in?
This is the 10% early withdrawal penalty.
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June 4, 2019
4:35 PM
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Retirement tax questions
Maybe you had one of the exceptions to the penalty? The 10% penalty is on 1040 Schedule 4 line 59. It should be be included in the tax due.
June 4, 2019
4:35 PM
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Retirement tax questions
Was this for an IRA or 401K? If you had an early withdrawal penalty as indicated on the 1099-R you received, TurboTax will add it automatically to your tax return. It would be on line 59 of Schedule 4 and on line 14 of form 1040. You must enter the 1099-R on your tax return.
June 4, 2019
4:35 PM