topic Thanks for the quick response in Retirement tax questions

DOES A PAYMENT PLAN WITH THE IRS QUALIFY FOR EXCEPTION TO EARLY RETIREMENT DISTRIBUTION

daniela-lozano — Wed, 05 Jun 2019 03:53:56 GMT

I have an early distribution on my retirement account. Funds were used to pay 2017 taxes to the irs for both 1040 and 941 quarterly. Does that qualify for exception to penalty for early withdrawal.

No. Payment of back taxes owed is not an exception to th...

DoninGA — Wed, 05 Jun 2019 03:53:57 GMT

No. Payment of back taxes owed is not an exception to the early withdrawal penalty.
See this IRS Tax Topic - <a rel="nofollow" target="_blank" href="https://www.irs.gov/taxtopics/tc558">https://www.irs.gov/taxtopics/tc558</a>

Thanks for the quick response

daniela-lozano — Wed, 05 Jun 2019 03:53:59 GMT

Thanks for the quick response

No it does not unless the IRS took the money in a levy.

Critter — Wed, 05 Jun 2019 03:54:00 GMT

No it does not unless the IRS took the money in a levy.