▲ 19 r/irstaxhelp
One time withdrawal from IRA causes $1100 penalty?
I withdrew money from my IRA to pay off our mortgage in 2025. I knew I would have to pay 20% income tax and I paid it on time. Now I received a letter from the IRS that I owe a penalty for not pre-paying estimated taxes.
This was a one time thing, paying myself from my own money - not regular income spread out over the year. The withdrawal came in June and their schedule of pre-payment says I missed payments before that even happened.
Is there anything I can do?
u/hyperdalmation — 3 days ago