WHY DO I GET TAXED TWICE ON LINE 59-ADDITIONAL TAX ON IRAS. iT FIRST TAXES IT AS INCOME THEN AS AN ADDITIONAL IRA?
Although line 59 uses the words "additional tax"; it is actually the 10% penalty for taxing money out of your IRA before you reached age 59-1/2. The penalty is in addition to the normal income tax.
WHY DO I GET TAXED TWICE ON LINE 59-ADDITIONAL TAX ON IRAS. iT FIRST TAXES IT AS INCOME THEN AS AN ADDITIONAL IRA?
Although line 59 uses the words "additional tax"; it is actually the 10% penalty for taxing money out of your IRA before you reached age 59-1/2. The penalty is in addition to the normal income tax.
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.