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My husband has been unemployed for almost 2 years now and we…

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Hi, My husband has...

Hi, My husband has been unemployed for almost 2 years now and we went through our savings. We had to start taking money from his IRA to being to survive. I am in the process of doing our taxes and need to know how do I avoid paying the penalty because of hardship. Thank you

Accountant's Assistant: The Accountant will know how to help. Is there anything else important you think the Accountant should know?

Also, I have been unemployed as well because of having 2 surgeries, 1 for an open heart and the other for an aneurysm.

Submitted: 1 month ago.Category: Tax
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3/16/2018
Tax Professional: Tax.appeal.168, Tax Accountant replied 1 month ago
Tax.appeal.168
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Tax Professional: Tax.appeal.168, Tax Accountant replied 1 month ago

Unfortunately, there is no hardship early withdrawal exception. If he is younger than the age of 59.5 years old, the 10% early withdrawal penalty will apply and that is for each withdrawal if you made more than one withdrawal during the year.

You can refer to the following IRS webpage to view exceptions for early withdrawal:

https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-tax-on-early-distributions

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Customer reply replied 1 month ago
Ok, I think we have can qualify for the exception for unreimbursed medical expenses and health care premiums while being unemployed, if I am reading the article correctly. If this is true, then do I use the form 5329?
Thanks!
Tax Professional: Tax.appeal.168, Tax Accountant replied 1 month ago

Yes, unreimbursed medical expenses that were paid qualifies for an exception. Note that the exception applies to the 10% early withdrawal penalty, not the tax on the withdrawn amount. You are not able to get around paying that. Yes, you would use the Form 5329 to claim the exception for the early withdrawal penalty.

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