turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

I cashed out my Teachers Retirement Fund in 2019 to pay of medical debt. I want to be sure this is ok. It was over 7.5% of my AGI for 2018. Or is it AGI 2019?

 
Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply
LindaB1993
Expert Alumni

I cashed out my Teachers Retirement Fund in 2019 to pay of medical debt. I want to be sure this is ok. It was over 7.5% of my AGI for 2018. Or is it AGI 2019?

The AGI for 2019 is applicable to the distribution.  You should qualify for the waiver of 10% early withdrawal penalty based on the excess over the 7.5% AGI for 2019.  

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies