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New Member
posted Mar 6, 2021 9:41:25 AM

Early withdrawal from IRA

I made an early withdrawal from my IRA to purchase a house. The 10% penalty is removed but can I pay the taxes on the withdrawal over the next 3 years

 

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1 Replies
Expert Alumni
Mar 6, 2021 10:02:31 AM

No, the option to spread out the taxes on an early withdrawal from an IRA is only available if the withdrawal was related to Covid-19.  There are specific requirements that must be met in order for the tax to be paid over three years.