10% penalty for early IRA withdrawal for 2022

[Tejask]

Is the 10% penalty waved for early IRA withdrawal for the year 2022?

[xmasbaby0]

No, the early withdrawal penalty is not waived for 2022.  If you took money out of a retirement account in 2022 before you were 59 1/2 then you will pay the 10% early withdrawal penalty as well as ordinary income tax.  Enter your 1099R into the return:

To enter your retirement income, Go to  Federal> Wages and Income>Retirement Plans and Social Security>IRA  401 k) Pension Plan Withdrawals to enter your 1099R.

[DoninGA]

The 10% early withdrawal penalty is in effect for tax year 2022.

However, there are a few exceptions to the penalty depending on the reason for the withdrawal.

Go to this IRS tax topic for exceptions to the penalty when withdrawing from an IRA - https://www.irs.gov/taxtopics/tc557