Roth IRA early withdrawal penalty? Hi
I made an early withdrawal from my Roth IRA this year to meet some emergency expenses, but I do not qualify for an exception. So I'll have to pay 10% penalty on the amount I've withdrawn, which would be close to $1000.
However, I'm wondering if IRS will consider this $1000 as an underpayment for the year 2013, and charge me with additional penalties. In other words, if I owe more than $1000 in penalties and taxes, will there be a penalty for underpayment or should I pay estimated taxes? For example, if I owe $900 penalty for early withdrawal + $400 in taxes for 2013.
I would really appreciate your answers.
Thanks |