- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Is there a tax break for me, if I cashed out my retirement account since I was unemployed and remained unemployed for the rest of the year?
I was in the middle of changing jobs and in good faith gave notice that I was going to leave the company. The company took it as my resignation and let me go. This happened in August and I remained unemployed the rest of the year. I took a full distribution of my IRA and Roth IRA which was under 20K to help me stay afloat until the new job began. (Which still hasn't). Is this a hardship? Are there any tax breaks or 10% penalty exception?
Topics:
‎January 27, 2024
6:29 PM