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January 29, 2020
Question

I owe the tax penalty for ira withdraw but at the end of the turbo tax when it says ready to file, it says amount of my refund but how will I pay the penalty

  • January 29, 2020
  • 1 reply
  • 0 views
will the irs bill me later or will it add it on once I go to the file section?

1 reply

JohnB5677
January 29, 2020

The Penalty is added into the total tax due.  It is reported on line 12 (b) of your individual tax return,  and it comes from Schedule 2 of the backup information.

 

So you do not have to make any adjustment.  It is included in what you owe, or your refund.

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