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New Member

Do i owe taxes?

i took an early 401k distribution that had a 10% penalty on it, which was not withheld by my employer.  when i filed the 1099-R with my taxes, turbotax popped up a message that my "tax bill" for this distribution was $182.  at the end of the process, i still got some money in my refund, and there was no further notice about tax i may owe.  do i still owe the IRS money or not?
1 Reply
Employee Tax Expert

Do i owe taxes?

No, you don't owe to the IRS if your final refund doesn't show the amount due.  The refund includes the penalty and ordinary income tax; your tax withheld from other forms must have covered the 10% penalty and your tax bracket income tax.

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