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Level 1

Question

Pension early removal was for down payment on a car. Mine was totaled, when I hit a deer on my way home from work(25 miles from home). Can that be used to lower penalty?

Forum|Forum|5 years ago
March 19, 2021
2 replies
4 views

Plattsburgh is closest city to home, where most jobs are. My long term job is what supports my family, who have a 5 year old. There is no real public transportation system, so people in the area need a vehicle to work or buy necessities.

TurboTax Deluxe Online

Level 15

Unfortunately, there is no exception to the early withdrawal penalty of 10% for buying a car, even if your car was totaled and you need a car to go to work.

However, in 2020, if you were affected by Covid-19, you can claim an exception to the penalty.

Please read this IRS document for more information.

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Level 15

If the deer had COVID, does that count ?