topic I didnt have income this year. But took 5000.00 out of my IRA early. Total income is 5000.00. I don't have to file taxes but what about the penalty? How do I pay that? in Retirement tax questions

I didnt have income this year. But took 5000.00 out of my IRA early. Total income is 5000.00. I don't have to file taxes but what about the penalty? How do I pay that?

eightiesteen — Wed, 21 Aug 2019 15:47:06 GMT

Re: I didnt have income this year. But took 5000.00 out of my IRA early. Total income is 5000.00. I don't have to file taxes but what about the penalty? How do I pay that?

Critter — Wed, 21 Aug 2019 16:05:02 GMT

Yes you must file a return and the penalty will be computed and paid on said return even if you have the 10% withheld from the distribution you still MUST file a return even if the return balances out to zero.

Re: I didnt have income this year. But took 5000.00 out of my IRA early. Total income is 5000.00. I don't have to file taxes but what about the penalty? How do I pay that?

dmertz — Wed, 21 Aug 2019 17:33:47 GMT

If you are otherwise not required to file a tax return, you can file Form 5329 stand-alone. See the instructions for Form 5329: https://www.irs.gov/instructions/i5329#idm140250429552880