I took an early withdrawal from a standard 401k at $15,000 and it's supposed to be a 10% tax but on the final review it's saying I owe $15,071. Is this an error?

posted

Please be aware, the 10% is only the early withdrawal penalty. The distribution is also included in your taxable income and taxed at your tax rate. The tax due is the amount calculated on your total taxable income.

Please double check your entries.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

Do I need to be worried about bad reviews for Turbotax this year on Amazon?

Expert does your taxes

Do it yourself

Resources

Support

Expert does your taxes

Do it yourself

Resources

Support

I took an early withdrawal from a standard 401k at $15,000 and it's supposed to be a 10% tax but on the final review it's saying I owe $15,071. Is this an error?

I took an early withdrawal from a standard 401k at $15,000 and it's supposed to be a 10% tax but on the final review it's saying I owe $15,071. Is this an error?

Get more help

Do you have a TurboTax Online account?

I took an early withdrawal from a standard 401k at $15,000 and it's supposed to be a 10% tax but on the final review it's saying I owe $15,071. Is this an error?

Do you have an Intuit account?

I took an early withdrawal from a standard 401k at $15,000 and it's supposed to be a 10% tax but on the final review it's saying I owe $15,071. Is this an error?

Get more help

Related Content

Thank you for helping us improve the TurboTax Community!

Sign in to Turbotax

File your taxes, your way

Access additional help, including our tax experts

Post your question

Connect with an expert