Generally, you are subject to the income tax and a penalt...

I paid penalty tax on early withdrawal from 401k, 10%. Do I have to pay more taxes on this?

It is. It reflecting 10% payment made on my 2017 tax early withdrawal from 401k what should I do...

posted

Generally, you are subject to the income tax and a penalty on the distribution unless an exception applies. What is the reason why you withdrew the funds?

Per IRS, the amounts an individual withdraws from an IRA or retirement plan before reaching age 59½ are called ”early” or ”premature” distributions. You would still pay taxes as an income but might not need to pay an additional 10% early withdrawal tax if an exception applies.

Please see Early Distribution Exception for information.