IRA early withdrawal tax penalty repayment

Forum|Forum|6 years ago
February 5, 2020
1 reply
20 views

Hello-

I took an early withdrawal from a traditional IRA and subsequently owe on federal/state. What are my repayment options for the amount owed?

Best answer by MinhT1

The tax and penalty on the withdrawal are taxes. They are calculated by TurboTax and included in your tax return and the amount of tax. This amount of tax due has to be paid by April 15, 2020.

If you are unable to pay by that date, due to a serious illness, natural disaster, and other hardship, you can work with the IRS to find a solution.

Please read this TurboTax Help topic for more information.

MinhT1Answer

Alumni - Intuit

The tax and penalty on the withdrawal are taxes. They are calculated by TurboTax and included in your tax return and the amount of tax. This amount of tax due has to be paid by April 15, 2020.

If you are unable to pay by that date, due to a serious illness, natural disaster, and other hardship, you can work with the IRS to find a solution.

Please read this TurboTax Help topic for more information.

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