2791581
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Attend our Ask the Experts event about Tax Law Changes - One Big Beautiful Bill on Aug 6! >> RSVP NOW!
Close icon
Do you have a TurboTax Online account?

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

Alpha26
Returning Member

Hardship IRA withdrawals but deductions below standard deduction

Had to take an early withdrawal from IRA to pay for medical bills and rent.  Under age 50.  Unemployed.  Deductions combined will be less than standard deduction.  How can I prove this withdrawal was due to a hardship to not get extra 10% penalty but still take the standard deduction?

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
DavidT0202
Expert Alumni

Hardship IRA withdrawals but deductions below standard deduction

Hi @Alpha26 

I am sorry to hear about your hardships.  The rules for taking a hardship withdraw are located HERE 

If you took a hardship withdraw following the above guidance, then the payor will Issue you a 1099-R with a 2 in Box 7.    If the box 7 has any other code, then the hardship withdraw did not fall under the guidance. 

Please reach out to your plans provider for more information on the withdraw you took. Most of the time, the withdraw will be subject to the 10% penalty. 


Thank you for choosing TurboTax!

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

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question