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June 5, 2019
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I filed my taxes for 2017. I withdrew my 401k early, so I anticipated the 10% penalty, but I am getting a federal refund. Will the IRS send me a bill for the 10% penalty?

  • June 5, 2019
  • 1 reply
  • 25 views
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Best answer by macuser_22

No.  The penalty is calculated as part of your tax return on line 59 on the 1040 form and added to your overall  tax.   Any withholding from all W-2's and 1099's will be applied to offset that tax.  Any excess will  be a refund, any shortfall will be tax owed that needs to be paid when you file.

1 reply

macuser_22
Alumni - Champ
Alumni - Champ
June 5, 2019

No.  The penalty is calculated as part of your tax return on line 59 on the 1040 form and added to your overall  tax.   Any withholding from all W-2's and 1099's will be applied to offset that tax.  Any excess will  be a refund, any shortfall will be tax owed that needs to be paid when you file.

**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.**