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

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

DA2025
New Member

I took out my money from my retirement fund because I lost my job. Is there tax relief from withdrawing these funds?

 
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
Vanessa A
Employee Tax Expert

I took out my money from my retirement fund because I lost my job. Is there tax relief from withdrawing these funds?

For the most part no.  There are exceptions to the penalty for separation of service if you are over 55 and for a $1,000 emergency funds withdraw.  Anything other than that would end up with the 10% early withdraw penalty. 

Retirement topics - Exceptions to tax on early distributions

**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