Skip to main content
Level 2
June 5, 2019
Question

If the amount on form 1040 line 56 was $0, but tax owed was $678. In this situation, does it considered to be tax liability zero?

  • June 5, 2019
  • 1 reply
  • 5 views

If the amount on form 1040 line 56 was $0, but tax owed was $678 (this is the 10% IRA early withdrawal penalty). In this situation, does it considered to be tax liability zero?

1 reply

Level 11
June 5, 2019

No, the tax liability is $678.