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Level 2
October 30, 2024
Question

IRA Withdrawal

  • October 30, 2024
  • 1 reply
  • 10 views

Hello, I had to withdraw money twice from my IRA account due to financial hardship/being unemployed this year. Is there any way to get an exemption for the penalty when I file taxes in 2025?

    1 reply

    VolvoGirl
    Level 15
    October 30, 2024

    Which penalty?  For being under 59 1/2?  No.  You have 60 days to replace the withdrawal to avoid the tax on it.  

    JJ180Author
    Level 2
    October 30, 2024

    Yes I'm under 59.5. I thought I was going to be able to pay back the first withdrawal in less than 60days, but I was unable to do so.