Why did i get a penalty for withdrawing from my pension?

[dori797885]

was it because my 1099-R taxable amount was different from gross distribution?

[DoninGA]

What is the code in box 7 of the Form 1099-R?

[VolvoGirl]

Was it a pension or a 401K?  How old are you?  Are you retired and getting regular pension checks?  @dmertz 

Turbo Tax will automatically calculate any penalties on it based on your age and the code in box 7 on the 1099R. If you took it out early before 59 1/2 there is a 10% Early Withdrawal Penalty. For 2023 the penalty is on Schedule 2 line 8 which goes to 1040 line 23.

There are some exceptions to the 10% Early Withdrawal Penalty.

[DaveF1006]

It depends. There may be several reasons why.  First of all, you are taxed if your taxable amount is different from your gross income. Also there may be additional early withdrawal penalties if you are less that 59 1/2 unless there are extenuating circumstances that apply. 

Please read this Turbo Tax article for exceptions that may apply to you.

Early Withdrawals