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June 4, 2019
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I would like to add money to a traditional IRA before April 15 for the year 2018 to help reduce my taxes. Can I take money out of the IRA after Apr. 15 without penalty?

  • June 4, 2019
  • 1 reply
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    Best answer by Coleen3

    No. You are getting a tax deduction because it is meant to be your savings for retirement. If you take the money out, you will not only pay the tax on the distribution, but a 10% penalty for early distribution.

    1 reply

    Coleen3Answer
    Employee
    June 4, 2019

    No. You are getting a tax deduction because it is meant to be your savings for retirement. If you take the money out, you will not only pay the tax on the distribution, but a 10% penalty for early distribution.