legna
1 Answer
Bob/PKB
If you take an early withdrawal of funds from your IRA, you will pay a penalty for doing so. The amount you draw goes on line 15 of the form 1040. The penalty amount goes on line 58. The penalty is 10% of the amount you pulled. For example, if you withdrew $7500, your penalty would be $750.
YES, THE FEDERAL GOVENRNMENT IS A DEN OF THIEVES. I am studying to be a tax preparer and every day I learn something new that distresses, depressess, and disturbs me about the IRS. Horrible.
| 14 years ago. Rating: 0 | |
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