TopHot
Help! I just got laid off from my job. Do I have to pay any state or federal taxes/withholdings if I make an early distribution from my traditional IRA to cover financial hardship?
Help! I just got laid off from my job. Do I have to pay any state or federal taxes/withholdings if I make an early distribution from my traditional IRA to cover financial hardship? If it helps to know, I only have a small amount (like $3,500) in my traditional IRA, but I just experienced a job layoff and am still unemployed/in between jobs/job hunting. I need the funds from my IRA until I get a new job/income. Can I make the early distribution without having to pay a 10% federal penalty for early withdrawal due to the reas...
Category:
