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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.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

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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