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seanloc
New Member

Roth ira early withdrawal 10% tax penalty

why is turbotax not assessing a 10% early withdrawal penalty for my early roth ira withdrawal?
1 Reply
AnnetteB
Intuit Alumni

Roth ira early withdrawal 10% tax penalty

If the withdrawal from your Roth IRA consisted of only your basis (contributions that you had made) in the account, then the distribution is not taxed and there is no early distribution penalty.  If a portion of the distribution was earnings, then that amount will be taxed and may incur the early distribution penalty. 


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