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Danielle Williams is a 29-year-old single taxpayer who changed jobs during the year. When she left her first job, she decided to take a total distribution from the 401(k) plan she had established with her former employer. She then used the proceeds to make a down payment on a new car. In early 2022, she received the following Form 1099-R reporting the distribution. Her only other income was from wages, and her 2021 taxable income was $51,350. What will be the amount of the penalty for the early withdrawal from her 401(k) plan, if any? (Answer choices are below the image.) $0 $400 $600 $1,200

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ashishdwivedilVT

Danielle Williams will be required to pay no additional tax on early dividends, if any at all. Hence option A is Correct .

Who is  taxpayer ?

A taxpayer is any individual or business that owes taxes to the federal, state, or local governments.

Taxes, both on individuals and businesses, are how most governments make their money.

In the US, individual taxpayers are frequently required to file and pay both federal and state tax returns every year.

Businesses often budget for and make monthly anticipated tax payments all year long, even though they must also file yearly returns.

There are a number of criteria that must be met in order to pay the annual individual income tax to the IRS and state revenue offices.

Learn more about Tax payer here

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