- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
Yes, when you file your 2024 tax return you will file Form 5329 requesting a waiver of the penalty. Any earnings will be taxable income.
Your Roth IRA withdrawals may be taxable if: you've not met the 5-year rule for opening the Roth and you are under age 59 1/2:
You will pay income taxes and a 10% penalty on earnings that you withdraw. The 10% penalty may be waived if you meet one of the eight exceptions to the early withdrawal penalty tax.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
**Mark the post that answers your question by clicking on "Mark as Best Answer"
March 6, 2024
12:09 PM