topic Why do i have a $20.00 early withdrawal penalty when i didn't withdraw anything? in Retirement tax questions

Why do i have a $20.00 early withdrawal penalty when i didn't withdraw anything?

ynppm — Wed, 11 Feb 2026 04:30:19 GMT

Re: Why do i have a $20.00 early withdrawal penalty when i didn't withdraw anything?

VolvoGirl — Sun, 04 Feb 2024 21:45:19 GMT

Why did you get a 1099R? What code is in box 7? Did you roll it over to another account or convert it to a ROTH? If you didn't move the whole amount including the withholding then the withholding became a distribution with the 10% Early Withdrawal Penalty.

Re: Why do i have a $20.00 early withdrawal penalty when i didn't withdraw anything?

ynppm — Sun, 04 Feb 2024 21:52:28 GMT

I don't have a Roth. My husband has a federal pension. Don't understand the early withdrawal penalty.

Re: Why do i have a $20.00 early withdrawal penalty when i didn't withdraw anything?

VolvoGirl — Sun, 04 Feb 2024 21:55:45 GMT

Is it actually the 10% Early Withdrawal Penalty or an underpayment penalty? Sorry I don't know. @dmertz

Re: Why do i have a $20.00 early withdrawal penalty when i didn't withdraw anything?

dmertz — Sun, 04 Feb 2024 22:12:54 GMT

Or is it an early-withdrawal penalty reported on a Form 1099-INT?

On what line of what form are you seeing an early-withdrawal penalty?