Have a Tax Question? Ask a Tax Expert
Hi. My name is ***** ***** I will be happy to help you.
If you are younger than 59 1/2 you will have to pay income tax + 10% penalty for early distribution. There are some exceptions to the penalty, but not the income tax.
Please, do not shoot the messenger, unfortunately, bankruptcy or paying income tax is not one of the exceptions. The only exception in your case would apply if IRS levy your IRA account. But have a look at the table, you may find another exception that would qualify.
I see you read my respond. Do you have any questions? Is there anything else I can help you with today?