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jca09
Returning Member

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?

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2 Replies

Accidentally withdrew from IRA account

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

Accidentally withdrew from IRA account

 "Is there *anything* I can do"

 

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

That will cover your early withdrawal penalty.

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