The $37 penalty on your early withdrawal of savings may be due to the IRS's 10% early withdrawal penalty for taking money out of a retirement account before age 59½. For more detailed information, you can refer to these resources:IRS: Retirement Topics - Exceptions to Tax on Early DistributionsTurboTax: What are the exceptions to the penalty for an early withdrawal from my 401(k)?If you have additional questions, or you were referring to something else, reach back out.

TurboTax

File with experts
File your taxes
Experts at your fingertips

An expert helps with your taxes, or does them for you
TurboTax Expert Full Service

TurboTax Expert Assist

TurboTax Self-Employed
Prior year taxes
File myself
File myself
Do it yourself

We'll guide you step-by-step
TurboTax Do It Yourself

TurboTax Self-Employed

TurboTax Desktop
TurboTax Free

Activate your product

Prior year taxes
Business
Business
Business taxes

Get your T2 corporate return done right, your way
TurboTax Business

TurboTax Business Desktop
Tax situations
Tax situations
Tax situations

Find extra guidance for your big life moves
For investors

For 25 and younger

For self-employed

For new to Canada

For life changes
Resources
Resources
Resources

Explore tax tools, get tips, and read reviews
Personal income tax calculator

RRSP savings calculator

Learning hub

TurboTax support (FAQ)

TurboTax community
Pricing

Community

lsw561

Question

How did I get $37 penalty on early withdrawal of savings? where?

Forum|Forum|1 year ago
February 23, 2025
1 reply
0 views

No text available

SabrinaD2

The $37 penalty on your early withdrawal of savings may be due to the IRS's 10% early withdrawal penalty for taking money out of a retirement account before age 59½.

For more detailed information, you can refer to these resources:

If you have additional questions, or you were referring to something else, reach back out.