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jgordosea
jgordosea, Enrolled Agent
Category: Tax
Satisfied Customers: 3159
Experience:  I've prepared all types of taxes since 1987.
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I usually can do a simple 1040ez form for my taxes ,but this

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I usually can do a simple 1040ez form for my taxes ,but this year i got a 1040 A.I have a 1099R,for cashing in 10,000 from my Roth Ira,I KNOW IVE BEEN TOLD ILL HAVE TO PAY A 10% PENALTY FOR EARLY WITHDRAWAL,but dont know how to put on the tax form ???its says to put amt,and send copy of 1099 but is that all i do...does the irs then send me a bill for penalty fee or take it from my refund ??please help,thank you
Greetings,

On Form 1040 the penalty is listed on line 58 "Additional tax on IRAs, other qualified retirement plans, etc."

You do not need to attach Form 5329 as it is not required when you are entering ten percent of the withdrawal on line 58 and no exception to the penalty is claimed.
That is, line 58 is one tenth of line 15b.

Line 15b is the taxable amount of the withdrawal which is the amount taken that is more than what you contributed to the Roth IRA (when it was contributed and not converted from a traditional IRA).

Please ask if you need clarification.




Customer: replied 3 years ago.

..i dont understand this ..i have the form for 1040A....I DONT HAVE WHAT YOU are talking about ????????my roth was already taxed,i just have to pay penalty fee ...can i do this on the form i have ?

Hello again,

Sorry, but because you have the penalty you can not use the 1040A and you must use the 1040 to list the penalty on the form.

You did have money taken out for the penalty but just like the money comes out of our paycheck and we list that as paid on the return that money from the IRA for taxes will be included as payments (in addition to the payments from the W-2) on Form 1040 line 62.

To report the money from the plan and the penalty you will use Form 1040.
A copy is at http://www.irs.gov/pub/irs-pdf/f1040.pdf
You will be able to leave many of the lines blank that do not apply.

Please ask if you need more clarification.




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