Hi, I owe tax for taking money out of retirement early. It was taken out early to pay for bills, and food. I saw the list of exceptions, but didn't see hardship, lost job

amazingresults · ‎June 4, 2019

also, I see that I have a refund, and I would like to use that to pay the tax if any.

DanielV01 · ‎June 4, 2019

It depends. There are two parts to your question. For the first part, unfortunately, the IRS does not list general hardship as an exception to the early distribution penalty. The following FAQ provides information on what does qualify: https://ttlc.intuit.com/replies/3301632

On the positive side, if you are seeing a refund, that is good. Your penalty has already been calculated and you are still getting the refund you are seeing. You will not need to pay additional.

We do hope that your situation has gotten better for you.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

DanielV01 · ‎June 4, 2019

It depends. There are two parts to your question. For the first part, unfortunately, the IRS does not list general hardship as an exception to the early distribution penalty. The following FAQ provides information on what does qualify: https://ttlc.intuit.com/replies/3301632

On the positive side, if you are seeing a refund, that is good. Your penalty has already been calculated and you are still getting the refund you are seeing. You will not need to pay additional.

We do hope that your situation has gotten better for you.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

Expert does your taxes

Do it yourself

Resources

Support

Hi, I owe tax for taking money out of retirement early. It was taken out early to pay for bills, and food. I saw the list of exceptions, but didn't see hardship, lost job