TurboTax says I owe a "$295 penalty for taking an early withdrawal or making an excess contribution to an IRA or other tax-favored account." Why is this?

[bfosson83]

None of this happened at all in 2019.

[KurtL1]

When you withdraw funds from your deferred income accounts such as an Individual Retirement Account (IRA) or your 401(k) and you are under the age of 59 1/2 you could be subject to a penalty. 

If you do not meet any of the Exceptions to Tax on Early Distributions you will pay a 10% penalty on the amount of the distribution

There is a maximum you you can contribute to your IRA during a tax year. In 2019 if you are under age 50 you can contribute up to $6,000. If you are 50 or older you can contribute up to $7,000. When the amount you contribute exceeds the maximum you will pay an excise penalty of 6% for each year the excess remains in the IRA.

The maximum you can contribute to your 401(k) in 2019 is $19,000. If you exceed the maximum you will pay an excise penalty of 6%.