Question

If TurboTax states I have an extra tax bill but I'm still showing a refund, does that mean the extra tax bill is already accounted for? Or do I pay that seperately?

Forum|Forum|4 years ago
January 24, 2022
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TurboTax Deluxe Online

Employee

If you are showing a refund, it includes any taxes for anything you have already entered. But to confirm, can you provide a few more details, such as what screen or entry did you make before you saw the message about ''an extra tax bill''?

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A

a-l-goodman10Author

Sure thing! I entered in a 1099-R. It is referring to the 10% penalty for retirement withdrawal.

VolvoGirl

Employee

Yes you can still have a refund. The 10% Early Withdrawal Penalty is included in your tax return and refund. All your withholding was enough to cover it. Or you might have an exception to the penalty. You don't need to pay it separately.

The 10% Early Withdrawal Penalty is on Schedule 2 line 8 which goes to 1040 line 23. Then you get credit for all the withholding taken out on 1040 line 25b.