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Level 2
posted Feb 3, 2024 1:05:54 PM

1099-R and penalty

Why am I being assessed a 10% penalty for an early 403B withdrawal when I had that withheld from the amount when I took the withdrawal? I entered my 1099-R and entered the amount of tax withheld, yet I'm still shown I owe the 10% penalty. 

0 2 262
2 Replies
Level 15
Feb 3, 2024 1:16:56 PM

The tax that was withheld was an estimate of the tax you would owe, just like the federal tax employers withhold and put on your W-2.  When you enter the 1099R and all of your other income, it all adds together and your tax refund or tax due is calculated.

Level 2
Feb 3, 2024 1:22:24 PM

Ah! Thank you so much!