I have an IRA account with a small amount , less than $5K , if I cash it in will the amount be treated as income during that financial year ?.

garryculbert · ‎June 4, 2019

xmasbaby0 · ‎June 4, 2019

Yes, it will be income for which you will receive a 1099R. If you are taking it as an early withdrawal before you are 59 1/2 then you will also owe a 10% early withdrawal penalty.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

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xmasbaby0 · ‎June 4, 2019

Yes, it will be income for which you will receive a 1099R. If you are taking it as an early withdrawal before you are 59 1/2 then you will also owe a 10% early withdrawal penalty.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

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I have an IRA account with a small amount , less than $5K , if I cash it in will the amount be treated as income during that financial year ?.