Calculation & Reporting of Busted 72t

L1: Calculation & Reporting of Busted 72tI used a 72t plan to take withdrawals from my IRA’s in 2000, 2001 and 2002 but then intentionally busted the plan by not taking a withdrawal in 2003. Three questions that I would greatly appreciate help with:
1. Where do I report the 10% penalty on my 1040?
2. How do I calculate the total interest that I owe? (I.E., say my withdrawals were $10,000 each year, can you show me the calculationand the amount of interest that I owe in addition to the $3000 penalty?)
3. Where do I report that interest on my 1040?

Thank you!2004-02-22 02:44, By: John, IP: [12.72.248.159]

L2: Calculation & Reporting of Busted 72tFrom IRS Publication 590, page 41 – Reporting taxable distributions on your return. Report fully taxable distributions, including early distributions, on line 15b, Form 1040 (no entry is required on line 15a), or line 11b, Form 1040A. If only part of the distribution is taxable, enter the total amount on line 15a, Form 1040 (or line 11a, Form 1040A), and the taxable part on line 15b (or 11b). You cannot report distributions on Form 1040EZ.From Pub. 590, page 52 – Use Form 5329 to calculate the tax.
The IRS will calculate the interest owed.
PS – you may want to get the advice of either you tax-advisor or an accountant to make sue that you so it right.2004-02-22 14:31, By: Gfw, IP: [172.16.1.70]