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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.**
‎April 21, 2021
5:15 PM