LinaJ2020
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Retirement tax questions

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Form 8915-E

 

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If you are under age 59 1/2, the distribution from the retirement plan is considered as an early withdrawal.  Generally, you will pay both regular tax and an additional 10% penalty of your entire distribution unless you met certain criteria.  Due to the CARES Act, if your retirement distribution is related the Covid-19, you will not be liable for this additional penalty.  You will still pay the normal taxes like your wages and income.  For more information from the IRS, click here: Covid Relief.  If your distribution is not related to the Covid, you will need to pay the penalty.  

 

@bigrod7681

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