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I pulled 10% from my IRA early because I quit job to take care of my dying mother. Am I able to lower taxed amount for this reason?

 
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AnnetteB6
Employee Tax Expert

I pulled 10% from my IRA early because I quit job to take care of my dying mother. Am I able to lower taxed amount for this reason?

There are certain exceptions to the 10% early distribution penalty for taking a distribution from your IRA, but there are none specifically related to taking care of a family member.  

 

Take a look at the following TurboTax article to learn what the exceptions are for the early distribution penalty for an IRA and be sure that none apply to your situation.  Specifically, if you had to pay your own health insurance while you were unemployed, then you might qualify for an exception to the penalty.  

 

Are there exceptions to the early distribution penalty on an IRA?

 

These exceptions are for the penalty amount only, the distribution will still be subject to the income tax.  

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1 Reply
AnnetteB6
Employee Tax Expert

I pulled 10% from my IRA early because I quit job to take care of my dying mother. Am I able to lower taxed amount for this reason?

There are certain exceptions to the 10% early distribution penalty for taking a distribution from your IRA, but there are none specifically related to taking care of a family member.  

 

Take a look at the following TurboTax article to learn what the exceptions are for the early distribution penalty for an IRA and be sure that none apply to your situation.  Specifically, if you had to pay your own health insurance while you were unemployed, then you might qualify for an exception to the penalty.  

 

Are there exceptions to the early distribution penalty on an IRA?

 

These exceptions are for the penalty amount only, the distribution will still be subject to the income tax.  

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