Deposited $6,500 in IRA but then had to withdraw $6,000 for medical expenses. Didn't have income and now have to remove the $6,500 or pay a penalty.

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Deposited $6,500 in IRA but then had to withdraw $6,000 for medical expenses. Didn't have income and now have to remove the $6,500 or pay a penalty.

Ok ... so you will report the contribution in the program and then indicate the excess plus earnings will be removed by tomorrow. This will avoid the penalty.

Deposited $6,500 in IRA but then had to withdraw $6,000 for medical expenses. Didn't have income and now have to remove the $6,500 or pay a penalty.

Thanks for your response.

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