Due to a medical condition requiring surgery and therapy, I’ve not been able to work and had to draw from an IRA at age 57 so can I avoid EW penalties?

I had a medical disease which didn’t allow me to work for about a year. I have documented medical records supporting this issue. I had to draw off an IRA early and want to avoid penalties.

601

Level 3

Jun 1, 2019 12:10:40 PM

Unfortunately, no. You can only avoid penalties on the amount that were used to pay medical bills in excess of 7.5% of your AGI

Why sign in to the Community?

Due to a medical condition requiring surgery and therapy, I’ve not been able to work and had to draw from an IRA at age 57 so can I avoid EW penalties?