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Retirement tax questions
Yes, you answered the questions correctly. If you withdraw money from a traditional IRA before age 59½, you will have to pay income tax and a 10% penalty unless you qualify for an exception. Paying the tax on a Roth conversion is not one of those exceptions. For more information on the exceptions see the following IRS site:
Retirement Topics - Exceptions to Tax on Early Distributions
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February 28, 2022
5:27 PM