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I am disabled and have already taken the RMD out of my IRA for 2019. If I take more money from my IRA in 2019, will there be a penalty?

I will need to take money out of my IRA within the next few months for medical necessities.  How will that effect my 2019 taxes?

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I am disabled and have already taken the RMD out of my IRA for 2019. If I take more money from my IRA in 2019, will there be a penalty?

Your required to take a MINIMUM distribution each year, but there's no limit as to how much to take out.  The money coming out of the IRA will be taxed at your marginal income tax rate, just like the RMD amount.  So if take an additional, say, $1,000 of the IRA it will be taxed as $1,000 x your marginal "ordinary" tax rate.  Potentially the additional income could even put you in a higher tax rate.  Questions like these really are impossible to answer precisely since nobody here knows your personal tax situation.  However, there will be nothing called a "penalty" applied to the additional amount.

Tom Young

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