Enhanced Estate Individual Withdrawal
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FAQ
Generally, early withdrawal from an Individual Retirement Account (IRA) prior to age 59½ is subject to being included in gross income plus a 10 percent additional tax penalty. There are exceptions to the 10 percent penalty, such as using IRA funds to pay your medical insurance premium after a job loss.
Form 5329 Waiver Example The IRS can waive this penalty on an individual basis, only if the shortfall was due to reasonable error and reasonable steps are being taken to correct the shortfall. Reasonable causes for missing the RMD include serious illness, mental incapacity, or an error made by the bank.
Traditionally, tax professionals suggest withdrawing first from taxable accounts, then tax-deferred accounts, and finally Roth accounts where withdrawals are tax free. The goal is to allow tax-deferred assets the opportunity to grow over more time.
Withdrawing money from an HSA without using it to cover out-of-pocket medical expenses can also warrant a penalty. Whether you owe the penalty or qualify for an exception, if you take an early distribution from a qualified account, you need to complete Part 1 or 2 of Form 5329.
Regardless of your age, you will need to file a Form 1040 and show the amount of the IRA withdrawal. Since you took the withdrawal before you reached age 59 1/2, unless you met one of the exceptions, you will need to pay an additional 10% tax on early distributions on your Form 1040.