topic Re: IRA early withdrawl payment in Retirement tax questions

IRA early withdrawl payment

cardieltatiana — Wed, 05 Feb 2020 04:48:16 GMT

We just filed our 2019 taxes and are being billed an amount for my husband taking out his 401k early. Where are we supposed to make this payment? The system did not notify us of a place to pay when we finished filing.

Re: IRA early withdrawl payment

VolvoGirl — Wed, 05 Feb 2020 04:52:16 GMT

The 10% Early Withdrawal Penalty is included on your tax return. It either increases your tax due or reduced your refund.

The 10% Early Withdrawal Penalty is on Schedule 2 line 6 which goes to 1040 line 15

Then you get credit for all the withholding taken out on 1040 line 17.

Re: IRA early withdrawl payment

cardieltatiana — Wed, 05 Feb 2020 04:56:07 GMT

so we don't need to make an actual payment to the IRS? It was just billed through our return?

Re: IRA early withdrawl payment

VolvoGirl — Wed, 05 Feb 2020 04:57:11 GMT

Right.