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New Member
posted Jun 3, 2019 4:38:13 PM

If I took money out of a Traditional IRA at the time of distribution I had taxes withheld why do I need to pay another 10% tax?

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1 Best answer
Intuit Alumni
Jun 3, 2019 4:38:15 PM

The taxes withheld when you take the distribution represents the expected income tax on those funds. If the distribution was taken early, and no exemption applies, there is an additional 10% tax added. 

3 Replies
Intuit Alumni
Jun 3, 2019 4:38:15 PM

The taxes withheld when you take the distribution represents the expected income tax on those funds. If the distribution was taken early, and no exemption applies, there is an additional 10% tax added. 

New Member
Jun 3, 2019 4:38:16 PM

Thank You

Intuit Alumni
Jun 3, 2019 4:38:18 PM

Thank you for using TurboTax