TurboTax

File with experts
File your taxes
Experts at your fingertips

An expert helps with your taxes, or does them for you
TurboTax Expert Full Service

TurboTax Expert Assist

TurboTax Self-Employed
Prior year taxes
File myself
File myself
Do it yourself

We'll guide you step-by-step
TurboTax Do It Yourself

TurboTax Self-Employed

TurboTax Desktop
TurboTax Free

Activate your product

Prior year taxes
Business
Business
Business taxes

Get your T2 corporate return done right, your way
TurboTax Business

TurboTax Business Desktop
Tax situations
Tax situations
Tax situations

Find extra guidance for your big life moves
For investors

For 25 and younger

For self-employed

For new to Canada

For life changes
Resources
Resources
Resources

Explore tax tools, get tips, and read reviews
Personal income tax calculator

RRSP savings calculator

Learning hub

TurboTax support (FAQ)

TurboTax community
Pricing

Level 2

Question

Accidentally withdrew from IRA account

Forum|Forum|4 years ago
March 13, 2022
1 reply
0 views

I accidentally withdrew $1,000 from an IRA account, transferring it to another account at the same bank to buy some stock. I did not realize I was withdrawing from an IRA account; I thought it was my checking account. However, I didn’t notice until I started doing my 2021 taxes that this happened (after the 60-day payback period). I don’t believe I qualify for any obvious exceptions TurboTax presented (age, health, home purchase, etc.). Is there *anything* I can do to avoid the penalties?

IRA

Level 15

You don’t appear to have any exception to the penalty.

Level 15

"Is there *anything* I can do"

Buy a stock that goes up 10% (minimum).

That will cover your early withdrawal penalty.