topic Accidentally withdrew from IRA account in Retirement tax questions

Accidentally withdrew from IRA account

jca09 — Mon, 09 Mar 2026 08:09:21 GMT

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?

Re: Accidentally withdrew from IRA account

Bsch4477 — Sun, 13 Mar 2022 18:05:58 GMT

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

Re: Accidentally withdrew from IRA account

fanfare — Sun, 13 Mar 2022 18:58:47 GMT

"Is there *anything* I can do"

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

That will cover your early withdrawal penalty.