Solved: I had 10% withheld when I withdrew the money. Is there a second 10% penalty?

I had 10% withheld when I withdrew the money. Is there a second 10% penalty?

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TT will calculate the taxes due (and any 10% penalty) when you enter the 1099-R. It then gives you credit for the 10% that was withheld. You may owe taxes if this was not enough.

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TT will calculate the taxes due (and any 10% penalty) when you enter the 1099-R. It then gives you credit for the 10% that was withheld. You may owe taxes if this was not enough.