Solved
I removed funds from my IRA due to Major disaster on my land not primary residence. There was an obligation to apply funds to the association for disaster repairs
Is it a non-taxable removal?
Up to $22,000 of the distribution can be exempt from the 10% penalty for early withdrawal (if you are under age 59-1/2) if you sustain an economic loss by reason of a federally declared disaster where you live.
However, as stated, IRA withdrawals are always subject to regular income tax. Its just the early withdrawal penalty that can sometimes be exempted.
Enter your E-mail address. We'll send you an e-mail with instructions to reset your password.
©1997-2022 Intuit, Inc. All rights reserved.
Intuit,
QuickBooks, QB, TurboTax, ProConnect, and Mint are registered
trademarks
of Intuit Inc. Terms and conditions, features, support, pricing,
and service options
subject to change without notice.
Security
Certification of the TurboTax Online application has been
performed by
C-Level Security.
By accessing and using this page you
agree to the
Terms of Use.
Accessibility
