turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

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" ?

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

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.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies