LindaS5247
Expert Alumni

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If you're under the age of 59½, you typically have to pay a 10% penalty on the amount withdrawn.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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