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If it was an early withdrawal subject to the penalty, the penalty will be calculated on the return.
If you already had withholding of 10% or more on the withdrawal, that will be on the 1099-R you received, be sure to enter it when you enter the 1099-R and the withholding will offset the penalty calculation.
Hi, thank you. I did use my 1099R when completing the return and the amount on my 1099R (box 4) is exactly 10% of the total withdrawal. Yet when I'm completing by return and entered this information in turbo tax, my refund amount dropped significantly.
early withdrawal is a costly move. the 10% you see will just cover your penalty (10 %).
You're lucky you have any refund at all.
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