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peepawjoe
New Member

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 Reply
AnnetteB6
Employee Tax Expert

Early withdrawal from IRA

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. 

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