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New Member
posted Apr 8, 2022 9:42:52 AM

Turbo Tax is saying Im penalized for early withdrawal from my IRA because I also have a pension. I'm 70 years old! Is this correct?

0 3 475
3 Replies
Expert Alumni
Apr 9, 2022 5:03:39 AM

No. Go back through your entries and see if something is incorrect. You can also be subject to an early withdrawal penalty if you cash out a CD before its time.

Level 15
Apr 9, 2022 5:22:53 AM

Also,

...  double check your birthdate in the My Info section.   A fumble-finger in entering the year could have the wrong year in there.

Level 15
Apr 9, 2022 5:57:28 AM

withdrawal from my IRA because I also have a pension

 

Did you accidentally record the distribution as an IRA contribution?