I withdrew portion of my IRA to cover damages for my totaled car and deductible. Can this be an exemption for taxes on the amount withdrew?

posted

Unfortunately no. It's not one of the penalty exceptions. So if an early withdrawal in addition to regular income tax, you'll also pay a 10% early withdrawal penalty.

If you were of retirement age or older on the date of the withdrawal, it will be subject to regular income tax only.

How do I amend 2023 Sch. C deductions/exemptions online TurboTax won’t allow clicking and nothing happens nor can I open forms to manually add. Suggestions?

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I withdrew portion of my IRA to cover damages for my totaled car and deductible. Can this be an exemption for taxes on the amount withdrew?

I withdrew portion of my IRA to cover damages for my totaled car and deductible. Can this be an exemption for taxes on the amount withdrew?

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I withdrew portion of my IRA to cover damages for my totaled car and deductible. Can this be an exemption for taxes on the amount withdrew?

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I withdrew portion of my IRA to cover damages for my totaled car and deductible. Can this be an exemption for taxes on the amount withdrew?

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