Pre 59-1/2 IRA Withdrawal with Disability
Two questions:
1 – Can someone pre 59-1/2 avoid the 10% penalty on withdrawals from an IRA if fully disabled (on disability)?
2 – What does he need to file at tax time to do so?
Thanks
Two questions:
1 – Can someone pre 59-1/2 avoid the 10% penalty on withdrawals from an IRA if fully disabled (on disability)?
2 – What does he need to file at tax time to do so?
Thanks
Permalink Submitted by Jose Morales on Wed, 2015-06-10 17:37
He would file form 5329 along with his regular tax forms to report the early distribution and any exception to the early distribution tax penalty. You can find the instructions on page 3: http://www.irs.gov/pub/irs-pdf/i5329.pdf