Re: Why am I penalized for early withdrawal when I am 67 years old

Why am I penalized for early withdrawal when I am 67 years old

So clearly I'm over 59 1/2 why am I penalized 20% for early withdrawal

posted

Where is it telling you that you are being penalized?

Are you sure it's not just a 20% tax being applied? The income is taxable if it is not a ROTH account.

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If a penalty is being applied, it would show on Schedule 2, Line 6.....but would be 10% of the distribution for that 1099-R.

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*

Why am I penalized for early withdrawal when I am 67 years old