Have a Tax Question? Ask a Tax Expert
The penalty is most likely because you are not 59 1/2 . There are some exceptions to this penalty.
First did you put that money into another IRA? If so and you did that within 60 days of taking it out then that is a rollover.
Distributions that are not taxable, such as distributions that you roll over to another qualified retirement plan are not subject to this additional 10% tax.
In case you did not rollover the money.
There are certain exceptions to this additional 10% tax. The following exceptions apply to distributions from any qualified retirement plan:
The only one I think may help you is the medical. If you had medical expenses then that may at least reduce the penalty.
Please respond and let me know
I am assuming you did not put the money into another IRA so yes you have to pay tax on all and you will have a penalty if you did not meet an exception above.