Retirement tax questions


@Heathrfam22 wrote:

Thanks for the info... 

Not what I wanted to hear, the irs doesnot waive the early distribution penalty?


No- never.   But there are several exemptions from the penalty.  TurboTax will ask you if any of these apply and give a list of possible exceptions.     Also for 2020 if the distribution was because of COVID or COVID related  (per the IRS requirements) then there is no penalty.

 

 

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**