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Retirement tax questions
Ok ... you are confused ... line 11 is the FEDERAL tax on the distribution and line 14 (from Sch 4) is the 10% penalty owed on that early distribution ... you owe both which is why they are both calculated. However the taxes that were withheld from the distribution are also entered on line 16 which balances it off. Sadly they probably only withheld 20% and if you are in a tax bracket higher than 10% you will fall short.
‎November 20, 2019
1:41 PM