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-   -   In 2009 I cashed out my ira to try to avoid foreclosure. (https://www.askmehelpdesk.com/showthread.php?t=547055)

  • Jan 23, 2011, 10:45 AM
    mike33901
    In 2009 I cashed out my ira to try to avoid foreclosure.
    I used the money to retire debt in order to lower my monthly cash flow so I could pay my mortgage (big mistake) Anyway, I had to pay a 10% penalty plus taxes on the money I withdrew. I heard that this should not have been taxed . Is this trus and can I get my taxes back? Thanks. Mike
  • Jan 23, 2011, 11:50 AM
    MukatA

    The reason for which you withdrew from IRA is not covered under exclusion for early withdrawal penalty. Your U.S. Tax Return: Traditional IRA and Roth IRA

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