I opened an IRA in march of 2019.I withdrew the money 4 months later to put into an brokerage account .
i never deducted the IRA on any tax return. I had assumed that since i put it into a brokerage account i would not have to pay taxes on it . I received a 1099 showing all of the amount as taxable income in addition to being charged a penalty had a code 1 in box 7. Is this right or do i have to pay taxes and penalty on amount
