https://ttlc.intuit.com/community/retirement/discussion/if-i-withdraw-money-from-my-ira-to-pay-my-taxes-will-i-have-to-pay-penalty-i-am-younger-than-59-1-2/01/360378#M31840 Mon, 03 Jun 2019 21:00:27 GMT bunny019 2019-06-03T21:00:27Z https://ttlc.intuit.com/community/retirement/discussion/if-i-withdraw-money-from-my-ira-to-pay-my-taxes-will-i-have-to-pay-penalty-i-am-younger-than-59-1-2/01/360378#M31840 Mon, 03 Jun 2019 21:00:27 GMT https://ttlc.intuit.com/community/retirement/discussion/if-i-withdraw-money-from-my-ira-to-pay-my-taxes-will-i-have-to-pay-penalty-i-am-younger-than-59-1-2/01/360378#M31840 bunny019 2019-06-03T21:00:27Z https://ttlc.intuit.com/community/retirement/discussion/yes-if-you-are-under-age-59-1-2-and-withdraw-money-from/01/360385#M31842 <P>Yes, if you are under age 59 1/2 and withdraw money from your IRA, you will be subject to the 10% early withdrawal penalty even though you are using the money to pay your taxes.</P><P>One exception to this is if the distribution is due to an <B>IRS Levy </B>on the IRA&nbsp;account<B>.</B></P><P>You can check out this TurboTax FAQ to review available&nbsp;<A href="https://ttlc.intuit.com/questions/1900854-are-there-exceptions-to-the-early-distribution-penalty-on-an-ira" target="_blank">Exceptions to the Early Distribution Penalty for IRA</A>s.&nbsp;</P><P> <BR /> </P><P></P> Mon, 03 Jun 2019 21:00:28 GMT https://ttlc.intuit.com/community/retirement/discussion/yes-if-you-are-under-age-59-1-2-and-withdraw-money-from/01/360385#M31842 Rachel_W 2019-06-03T21:00:28Z https://ttlc.intuit.com/community/retirement/discussion/an-irs-levy-is-a-levy-on-the-retirement-plan-itself-not/01/360392#M31844 An IRS Levy is a levy on the retirement plan itself,&nbsp;&nbsp;not on you personally.<BR />It does not apply in your situation. Mon, 03 Jun 2019 21:00:29 GMT https://ttlc.intuit.com/community/retirement/discussion/an-irs-levy-is-a-levy-on-the-retirement-plan-itself-not/01/360392#M31844 SweetieJean 2019-06-03T21:00:29Z