DianeW777
Expert Alumni

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"