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joscelynsol
New Member

I have to pay an additional 10% penalty for an early withdrawal I did from my 401k - when/how does this get paid?

 
1 Reply
xmasbaby0
Level 15

I have to pay an additional 10% penalty for an early withdrawal I did from my 401k - when/how does this get paid?

When you enter the 1099R for the retirement withdrawal, it will be calculated into your overall tax due or tax refund.  If you have not yet received the 1099R, they typically arrive in late January to mid-February.

 

To enter your retirement income, Go to  Federal> Wages and Income>Retirement Plans and Social Security>IRA  401 k) Pension Plan Withdrawals to enter your 1099R.

 

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
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