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I went in my ira early and to they took 2000$ in taxes as penalty, will I get any of that back on my tax refund
Will I get any of the money back on tax refund, for early ira withdrawal
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I went in my ira early and to they took 2000$ in taxes as penalty, will I get any of that back on my tax refund
When you take out a distribution from an IRA, the tax withheld is an estimated amount. You say you took an early distribution, which means there is also a 10% penalty. In January, you will get a 1099R for the money you took out of your IRA.
When that money is added to your other income, TurboTax will calculate whether any additional tax is owed, or if you get a refund based on any other tax withheld from wages, etc.
Go to Federal> Wages and Income>Retirement Plans and Social Security>IRA 401 k) Pension Plan Withdrawals to enter your 1099R.
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I went in my ira early and to they took 2000$ in taxes as penalty, will I get any of that back on my tax refund
When you take out a distribution from an IRA, the tax withheld is an estimated amount. You say you took an early distribution, which means there is also a 10% penalty. In January, you will get a 1099R for the money you took out of your IRA.
When that money is added to your other income, TurboTax will calculate whether any additional tax is owed, or if you get a refund based on any other tax withheld from wages, etc.
Go to Federal> Wages and Income>Retirement Plans and Social Security>IRA 401 k) Pension Plan Withdrawals to enter your 1099R.
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I went in my ira early and to they took 2000$ in taxes as penalty, will I get any of that back on my tax refund
The $2,000 is federal withholding and whether you will receive a refund depends whether this is sufficient to cover the tax on your withdrawal and the 10% penalty. You'll only know when you complete your tax return.
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I went in my ira early and to they took 2000$ in taxes as penalty, will I get any of that back on my tax refund
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