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Why is it saying my effective tax is -.36%??

Forum|Forum|7 years ago
June 1, 2019
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I had to pay an extra penalty on a 401k I cashed out. On the front breakdown page it thinks that’s all the money I paid on total tax. Is my return still okay bc it has the other taxes listed on the breakdown worksheets???

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Best answer by Anita01

The worksheet here has nothing to do with the accuracy of your return, so you have nothing to worry about there. It looks like our calculation of effective tax rate is not designed for returns with extra penalties on them though. This is simply a calculation done for your own interest and it is not filed anywhere but I will pass along a possible need to review the calc in certain situations when Development is not so pressed for time..

A

Anita01Answer

Employee

The worksheet here has nothing to do with the accuracy of your return, so you have nothing to worry about there. It looks like our calculation of effective tax rate is not designed for returns with extra penalties on them though. This is simply a calculation done for your own interest and it is not filed anywhere but I will pass along a possible need to review the calc in certain situations when Development is not so pressed for time..