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JJ180
Level 1

IRA Withdrawal

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?

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‎October 30, 2024 9:20 AM
last updated ‎October 30, 2024 9:20 AM
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VolvoGirl
Level 15

IRA Withdrawal

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

‎October 30, 2024 9:26 AM
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JJ180
Level 1

IRA Withdrawal

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. 

‎October 30, 2024 9:33 AM
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