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


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10% penalty for early IRA withdrawal for 2022
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.
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10% penalty for early IRA withdrawal for 2022
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
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