I owe the tax penalty for ira withdraw but at the end of the turbo tax when it says ready to file, it says amount of my refund but how will I pay the penalty

will the irs bill me later or will it add it on once I go to the file section?

266

Expert Alumni

Jan 29, 2020 1:35:09 PM

The Penalty is added into the total tax due. It is reported on line 12 (b) of your individual tax return, and it comes from Schedule 2 of the backup information.

So you do not have to make any adjustment. It is included in what you owe, or your refund.

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I owe the tax penalty for ira withdraw but at the end of the turbo tax when it says ready to file, it says amount of my refund but how will I pay the penalty