Due to job/income loss I have had to take 2 distributions from my traditional IRA this year. I am receiving minimal unemployment benefits. No federal taxes withheld as of now and no state (TX) taxes to worry about. I am 47 and provide 24/7 care for my disabled (advanced Alzheimer’s) mother who lives with me. If I repay the distributions received and place or roll it into my Roth, will I still face the early distribution penalty? That is a very very high penalty but I literally had no other choice given personal situations. $14k traditional IRA distributions in 2021 reported on 1099R. About $25k traditional IRA distributions taken so far this year. When and how are penalties paid? I also have a 1098T for just over $18K college tuition payments I made for my son’s full time education (living on campus). This is all extremely confusing and I am in financial stress. Thank you
