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Angie, Tax Preparer
Category: Tax
Satisfied Customers: 225
Experience:  Bookkeeping, Profit and Loss, Balance SheetsAll types of US Taxes, Tennessee taxes, Personal, business, payroll, sales tax etc.
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I did a partial early withdraw from a retirement account from

Customer Question

I did a partial early withdraw from a retirement account from a job I had 17 years ago.
I understand that you lose 20% ( I think) + have to pay tax on the balance I actually received.
BUT - what happens to the "penalty" money? How do I - if I in fact am supposed to - account for that in my tax return.
I am using TURBO TAX and it did not ask any questions - just to punch in info from the W2 specific to the $$ I received.
Submitted: 6 months ago.
Category: Tax
Expert:  Angie replied 6 months ago.
The penalty will appear based on the code on the 1099-R it can be seen on the 1040 on line 59