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Level 2
Mar 13, 2022 5:58 PM UTC
Question

Accidentally withdrew from IRA account

I accidentally withdrew $1,000 from an IRA account, transferring it to another account at the same bank to buy some stock. I did not realize I was withdrawing from an IRA account; I thought it was my checking account. However, I didn’t notice until I started doing my 2021 taxes that this happened (after the 60-day payback period). I don’t believe I qualify for any obvious exceptions TurboTax presented (age, health, home purchase, etc.). Is there *anything* I can do to avoid the penalties?

2 replies

Level 15
Mar 13, 2022 6:05 PM UTC

You don’t appear to have any exception to the penalty. 

fanfare
Level 15
Mar 13, 2022 6:58 PM UTC

 "Is there *anything* I can do"

 

Buy a stock that goes up 10% (minimum).

That will cover your early withdrawal penalty.