Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
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? 

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.

Slim4
Returning Member

10% Early Withdrawal on IRA

Thank you for your reply. 

Dynamic AdsDynamic Ads
Privacy Settings
v