https://ttlc.intuit.com/community/retirement/discussion/has-the-10-penalty-i-have-to-pay-for-taking-my-retirement-money-early-been-deducted-from-my-tax/01/111560#M7798 Sat, 01 Jun 2019 05:05:22 GMT carronknapp 2019-06-01T05:05:22Z https://ttlc.intuit.com/community/retirement/discussion/has-the-10-penalty-i-have-to-pay-for-taking-my-retirement-money-early-been-deducted-from-my-tax/01/111560#M7798 Sat, 01 Jun 2019 05:05:22 GMT https://ttlc.intuit.com/community/retirement/discussion/has-the-10-penalty-i-have-to-pay-for-taking-my-retirement-money-early-been-deducted-from-my-tax/01/111560#M7798 carronknapp 2019-06-01T05:05:22Z https://ttlc.intuit.com/community/retirement/discussion/it-depends-on-your-situation-just-like-your-employer-wit/01/111567#M7800 <P>It depends on your situation. Just like your employer withholds estimated taxes, the retirement plan company can make payments on your behalf too, but it's less common. Look at box 4 of your Form 1099-R (reports withdrawal), which says "Federal income tax withheld". &nbsp; If there's an amount in that box, then they withheld some taxes for an estimate of what you'll owe on the withdrawal (includes the penalty).</P><P>After you enter the form 1099-R for taxes, answer the questions that follow carefully. There're some exceptions to the penalty based on what you spent the money on.&nbsp;</P> Sat, 01 Jun 2019 05:05:24 GMT https://ttlc.intuit.com/community/retirement/discussion/it-depends-on-your-situation-just-like-your-employer-wit/01/111567#M7800 AmandaR1 2019-06-01T05:05:24Z https://ttlc.intuit.com/community/retirement/discussion/believe-answer-is-where-it-shows-in-parentheses-includes/01/111581#M7803 Believe answer is where it shows in parentheses "includes the penalty". Sat, 01 Jun 2019 05:05:26 GMT https://ttlc.intuit.com/community/retirement/discussion/believe-answer-is-where-it-shows-in-parentheses-includes/01/111581#M7803 carronknapp 2019-06-01T05:05:26Z