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April 9, 2022
Question

Why am I having to pay a penalty for early withdrawal when I did not withdraw?

  • April 9, 2022
  • 1 reply
  • 0 views
"we noticed you had to take out money from a retirement plan early." I never took any money out, but for some reason, I have to pay extra taxes as a penalty.

1 reply

ColeenD3
April 9, 2022

Did you enter Form 1099-R? This form gives you the information regarding any withdrawals you might have made. Go back over your entries and then read your return.

 

In order to preview your return, please follow the instructions below:

  1. Open your return.
  2. Click on Tax Tools.
  3. Click on Tools.
  4. Click on View Tax Summary under Other helpful links.
  5. Click on Preview my 1040.