Can i reduct my early withdrawal if I received my monies due to a early disability retirement?

3riverafamily · ‎February 6, 2024

MinhT1 · ‎February 6, 2024

Yes, if you are totally and permanently disabled. the early withdrawal penalty will be waived. But you still have to pay income tax on the amount withdrawn.

Please read this IRS document for more information.

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xmasbaby0 · ‎February 6, 2024

No. There is no deduction for taking money out of a retirement account. Depending on what kind of retirement account it is, you might have an exception to the early withdrawal penalty. But the rest of it is taxable income---not a deduction.

EXCEPTIONS TO EARLY WITHDRAWAL PENALTY

https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-exceptions-to-tax-o...

**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.**

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Can i reduct my early withdrawal if I received my monies due to a early disability retirement?