https://ttlc.intuit.com/community/retirement/discussion/penalized-for-early-deductions-in-wrong-year/01/3334278#M222464 <P>I made early withdraws from my retirement accounts in 2024. There was a question on my return asking if I made returns between January 1, 2024 and the April 15th due date. When I entered the amounts, my refund went down by 300 dollars. I thought I wasn't supposed to pay the penalties until next years 2024 taxes? Why is my refund lower?</P> Wed, 11 Feb 2026 07:43:37 GMT Low_no 2026-02-11T07:43:37Z https://ttlc.intuit.com/community/retirement/discussion/penalized-for-early-deductions-in-wrong-year/01/3334278#M222464 <P>I made early withdraws from my retirement accounts in 2024. There was a question on my return asking if I made returns between January 1, 2024 and the April 15th due date. When I entered the amounts, my refund went down by 300 dollars. I thought I wasn't supposed to pay the penalties until next years 2024 taxes? Why is my refund lower?</P> Wed, 11 Feb 2026 07:43:37 GMT https://ttlc.intuit.com/community/retirement/discussion/penalized-for-early-deductions-in-wrong-year/01/3334278#M222464 Low_no 2026-02-11T07:43:37Z https://ttlc.intuit.com/community/retirement/discussion/re-penalized-for-early-deductions-in-wrong-year/01/3334399#M222474 <P>Because you took money out of your retirement account in early 2024, this has caused a reduction in the amount of Retirement Savings Contributions Credit you are eligible to receive.&nbsp; This is an anti-abuse provision in the tax code to prevent people from using money from a retirement account to make a new retirement contribution to obtain this credit and not actually increasing their retirement savings.</P> Mon, 15 Apr 2024 11:42:55 GMT https://ttlc.intuit.com/community/retirement/discussion/re-penalized-for-early-deductions-in-wrong-year/01/3334399#M222474 dmertz 2024-04-15T11:42:55Z