I withdrew 95000 from my ira to pay off debt and expenses in my sole proprietor business, i have the documentation, do i have to pay the penalty?

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I withdrew 95000 from my ira to pay off debt and expenses in my sole proprietor business, i have the documentation, do i have to pay the penalty?

Generally, the amounts an individual withdraws from an IRA or retirement plan before reaching age 59½ are called ”early” or ”premature” distributions. Individuals must pay an additional 10% early withdrawal tax unless an exception applies.

Please see this CHART for possible exceptions.

I withdrew 95000 from my ira to pay off debt and expenses in my sole proprietor business, i have the documentation, do i have to pay the penalty?

Using the money to pay of debt and expenses of your business is not an exception to the early-distribution penalty.

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I withdrew 95000 from my ira to pay off debt and expenses in my sole proprietor business, i have the documentation, do i have to pay the penalty?

I withdrew 95000 from my ira to pay off debt and expenses in my sole proprietor business, i have the documentation, do i have to pay the penalty?

I withdrew 95000 from my ira to pay off debt and expenses in my sole proprietor business, i have the documentation, do i have to pay the penalty?

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I withdrew 95000 from my ira to pay off debt and expenses in my sole proprietor business, i have the documentation, do i have to pay the penalty?

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I withdrew 95000 from my ira to pay off debt and expenses in my sole proprietor business, i have the documentation, do i have to pay the penalty?

I withdrew 95000 from my ira to pay off debt and expenses in my sole proprietor business, i have the documentation, do i have to pay the penalty?

Unlock tailored help options in your account.

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