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badwolf336
New Member

took money out of ira to pay bankruptcy attorney fees

does that count as an exemption? i took out 5000 in an early withdrawal and 2000 of that went to my bankruptcy attorney fees. 

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‎April 12, 2020 2:14 PM
last updated ‎April 12, 2020 2:14 PM
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DoninGA
Level 15
Level 15

took money out of ira to pay bankruptcy attorney fees

Sorry, that is not an exception to the 10% early distribution penalty.

See this IRS Tax Topic - https://www.irs.gov/taxtopics/tc557

‎April 12, 2020 2:16 PM
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