Deductions & credits

Under age 59 1/2 was the age that you would get the 10% Early Withdrawal Penalty on your own IRA or 401K withdrawals.  Not for retirement plans or inherited amounts.  Everything is taxable before 59 1/2 and over.  Now that you are older you just won’t pay the 10% Early Withdrawal Penalty on any IRA or 401K withdrawals you take.