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Retirement tax questions
There are no special rules for COVID-related withdrawals in 2022. You simply pay the income tax on the amount you withdrew. Because you are over age 59-1/2, there is no additional penalty for early withdrawal but you are stuck with the income taxes. If you withdrew more than you need, you can invest it in a regular broker account to earn some money.
(You can't re-deposit it in an IRA if more than 60 days have passed. You can make new tax deductible contributions to an IRA at any age, but only up to the amount of your compensation from performing work.)
‎June 4, 2023
6:29 PM