Am I getting a double 10% penalty from a Traditional IRA early withdraw?

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Irish Kevin

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I had to make an early withdraw from my traditional IRA (please no lectures, I was in a position where I had to keep my business alive) and I took the penalty up front and now when I am doing my taxes, it is trying to take out the exact same amount that I paid up front!? I am confused.

Box 1 & 2a - $7484 (traditional IRA - Gross distribution, Taxable amount)
Box 4 - $748 (Federal income tax withheld)

everything is entered correctly on my Turbo Tax form (because I can import all the figures from my Fidelity account, where I had my IRA). But now it keeps trying to subtract an additional $748 from my return, which would be a total of $1496 in penalties from the original (roughly) $8100... Can anyone help me understand this problem, or help me fix it?
 
You've got two different things going on -
1- Your distribution had 10% decucted for the tax which would be owed on the amount taken and should be recognized in the estimated tax paid section of form 1040.
2- In addition, there is a 10% penalty due which is the "other" 10% you are seeing.
 
You've got two different things going on -
1- Your distribution had 10% decucted for the tax which would be owed on the amount taken and should be recognized in the estimated tax paid section of form 1040.
2- In addition, there is a 10% penalty due which is the "other" 10% you are seeing.
 
You've got two different things going on -
1- Your distribution had 10% decucted for the tax which would be owed on the amount taken and should be recognized in the estimated tax paid section of form 1040.
2- In addition, there is a 10% penalty due which is the "other" 10% you are seeing.
 
You've got two different things going on -
1- Your distribution had 10% decucted for the tax which would be owed on the amount taken and should be recognized in the estimated tax paid section of form 1040.
2- In addition, there is a 10% penalty due which is the "other" 10% you are seeing.
 
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