• Lisa Simmons

    I want to withdraw 10,000 out of my IRA for a hardship. Will I have to pay a penalty and for taxes. How much would the taxes be?

  • If you do not qualify for one of the exemptions then you will have to pay the 10% penalty. However, you can write a letter to the IRS to request an abatement of those penalties and explain your hardshp in the letter. It is best to have a CPA write this for you as we have experience with this and are familiar with the verbage that should be used.

    One of the exemptions by the way is if you were unemployed and paid health insurance premiums during that time.

    Feel free to contact me at 404-375-1566 if you require more help. Good Luck!

  • Schuyler Kauschinger

    i would suggest you transfer that amount to a roth ira to then only pay the taxes on that added income without having to pay the penalty which allows you to withdraw some out over the year. look up roth ira info for more details.

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