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I paid 30% in advanced on a early pay out from my retirement fund. After my data entry the site says i still owe an additional 10% tax on the total amount I withdrew. This seems off to me?

How can I be sure the calculation turbotax is using for this is correct, as I am unable to view the actual return at this stage in the process.
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1 Reply
ruthh
New Member

I paid 30% in advanced on a early pay out from my retirement fund. After my data entry the site says i still owe an additional 10% tax on the total amount I withdrew. This seems off to me?

You do owe an additional 10% penalty on the early withdrawal but hopefully the 30% withholding will be enough to cover it.

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