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Retirement tax questions
If the penalty was asserted with respect to the transactions you are stating above:
If you're under the age of 59½, you typically have to pay a 10% penalty on the amount withdrawn. The IRS does allow some exceptions to the penalty, including: Total and permanent disability. Unreimbursed medical expenses (greater than 7.5% of adjusted gross income).
Click here for additional information on managing your retirement account and taxes.
Click here for additional information on Early Withdrawals from your 401-K.
Click here for exceptions to the penalty for early withdrawal.
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April 4, 2023
4:25 PM