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I have a question about tax on early withdrawal from IRA.

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Hi I have a...

Hi I have a question about tax on early withdrawal from IRA

Accountant's Assistant: What state are you in? It matters because laws vary by location.

California

Accountant's Assistant: Has anything been filed or reported?

Not yet If I'm unemployed and the annual income is less than taxable amount, is that possible to get the federal tax waive?

Accountant's Assistant: Anything else you want the lawyer to know before I connect you?

Hi are you there?

Submitted: 1 month ago.Category: Tax
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3/8/2018
Tax Professional: Tax.appeal.168, Tax Accountant replied 1 month ago
Tax.appeal.168
Tax.appeal.168, Tax Accountant
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Tax Professional: Tax.appeal.168, Tax Accountant replied 1 month ago

Q: not yet If I'm unemployed and the annual income is less than taxable amount, is that possible to get the federal tax waive?

A: While there are some exceptions that apply to the early withdrawal penalty, being unemployed is not one of the exceptions.

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