https://ttlc.intuit.com/community/retirement/discussion/re-tax-help/01/960485#M78342 <P>No one can tell you how much you will owe in taxes or if you will receive a tax refund without knowing your entire income situation that you will be reporting on your tax return.</P> <P>&nbsp;</P> <P>The taxable amount of the withdrawal will be reported on your tax return as ordinary income.&nbsp; You will receive a Form 1099-R from the plan administrator in January 2020 that is to be reported on your tax return.&nbsp; Any taxes withheld will also be reported on the form and entered on your tax return as a tax payment.</P> <P>If you were under the age of 59 1/2 then you will have a 10% early withdrawal penalty which is assessed on the tax return and entered as a tax liability.</P> <P>If your total tax payments are greater than your total tax liabilities then you will receive a tax refund for the overpayment.&nbsp; If your total tax payments are less than your total tax liabilities then you will have taxes owed.</P> Tue, 03 Dec 2019 19:40:52 GMT DoninGA 2019-12-03T19:40:52Z https://ttlc.intuit.com/community/retirement/discussion/tax-help/01/960475#M78341 <P><SPAN>I pulled out of my grandfathered retirement fund 8,500 this new tax year and they also pulled out the tax for it . Approximately how much would I owe ? would they make me pay an additional penalty for pulling it and if so how much ?</SPAN></P> Tue, 03 Dec 2019 19:28:27 GMT https://ttlc.intuit.com/community/retirement/discussion/tax-help/01/960475#M78341 eaves3678 2019-12-03T19:28:27Z https://ttlc.intuit.com/community/retirement/discussion/re-tax-help/01/960485#M78342 <P>No one can tell you how much you will owe in taxes or if you will receive a tax refund without knowing your entire income situation that you will be reporting on your tax return.</P> <P>&nbsp;</P> <P>The taxable amount of the withdrawal will be reported on your tax return as ordinary income.&nbsp; You will receive a Form 1099-R from the plan administrator in January 2020 that is to be reported on your tax return.&nbsp; Any taxes withheld will also be reported on the form and entered on your tax return as a tax payment.</P> <P>If you were under the age of 59 1/2 then you will have a 10% early withdrawal penalty which is assessed on the tax return and entered as a tax liability.</P> <P>If your total tax payments are greater than your total tax liabilities then you will receive a tax refund for the overpayment.&nbsp; If your total tax payments are less than your total tax liabilities then you will have taxes owed.</P> Tue, 03 Dec 2019 19:40:52 GMT https://ttlc.intuit.com/community/retirement/discussion/re-tax-help/01/960485#M78342 DoninGA 2019-12-03T19:40:52Z https://ttlc.intuit.com/community/retirement/discussion/re-tax-help/01/960486#M78343 <P>what do you mean grandfathered retirement fund.&nbsp; &nbsp; &nbsp; how old are you?&nbsp; &nbsp;are you totally disabled?&nbsp; who's the beneficiary?</P> Tue, 03 Dec 2019 19:42:43 GMT https://ttlc.intuit.com/community/retirement/discussion/re-tax-help/01/960486#M78343 Anonymous 2019-12-03T19:42:43Z