cancel
Showing results for 
Search instead for 
Did you mean: 
Level 1

Deposited $6,500 in IRA but then had to withdraw $6,000 for medical expenses. Didn't have income and now have to remove the $6,500 or pay a penalty.

 
2 Replies
Level 20

Deposited $6,500 in IRA but then had to withdraw $6,000 for medical expenses. Didn't have income and now have to remove the $6,500 or pay a penalty.

Ok ... so you will report the contribution in the program  and then indicate the excess plus earnings will be removed by tomorrow.  This will avoid the penalty. 

Highlighted
Level 1

Deposited $6,500 in IRA but then had to withdraw $6,000 for medical expenses. Didn't have income and now have to remove the $6,500 or pay a penalty.

Thanks for your response.