topic Early Distribution Penalty in Retirement tax questions

Early Distribution Penalty

Tiger007 — Mon, 07 Feb 2022 01:35:06 GMT

If I took a early distribution from my 401k will the 10% penalty be paid for if I have a refund (or partially depending on my refund)? If not will I have to pay the penalty separately?

Note: I am under 59 1/2 years old.

Re: Early Distribution Penalty

Bsch4477 — Mon, 07 Feb 2022 01:39:22 GMT

The penalty will increase your tax liability or decrease your refund.

Re: Early Distribution Penalty

Tiger007 — Mon, 07 Feb 2022 01:44:19 GMT

Thank you.