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allanvan
New Member

10% early withdrawal penalty from IRA Does Cares Act apply?

As a 58 year old, independent contractor, 1099-NEC receiving, Real Estate Broker not receiving a W-2, I withdrew $17,000 from a non-Roth IRA due to financial hardships experienced during Covid.  My 1099-R shows a "1" code in Box 7.  But I specifically made this withdraw due to the lockdowns and inability to carry out my job duties.  Can I avoid the 10% penalty by changing the Box 7 code to a "2" ?

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1 Reply
CatinaT1
Employee Tax Expert

10% early withdrawal penalty from IRA Does Cares Act apply?

No. There is no provision for eliminating the penalty for early withdrawal in 2022.

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