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Slim4
Returning Member

10% Early Withdrawal on IRA

How is the 10% early withdrawal penalty on an IRA calculated? Turbo Tax is calculating it on the taxable portion not the entire distribution. Which is correct? 

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‎October 3, 2020 5:23 PM
last updated ‎October 03, 2020 5:23 PM
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2 Replies
fanfare
Level 15

10% Early Withdrawal on IRA

The penalty is on early distributions included in income.

If you had a basis, the non-taxable part would not be penalized.

‎October 3, 2020 5:39 PM
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Slim4
Returning Member

10% Early Withdrawal on IRA

Thank you for your reply. 

‎October 3, 2020 5:55 PM
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