Solved: I used 1099-R money to pay our 2015 income taxes. Does that count as the same as paying an IRS levy?

I used 1099-R money to pay our 2015 income taxes. Does that count as the same as paying an IRS levy?

posted

No, an IRS levy is when the IRS garnishes your IRA account to satisfy your tax obligations.

If you withdraw from your retirement plan to pay your 2015 income tax, you are liable for the early withdrawal penalty of 10% if you are younger than 59 1/2.

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No, an IRS levy is when the IRS garnishes your IRA account to satisfy your tax obligations.

If you withdraw from your retirement plan to pay your 2015 income tax, you are liable for the early withdrawal penalty of 10% if you are younger than 59 1/2.

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**Mark the post that answers your question by clicking on "Mark as Best Answer"