Early IRA withdraw Penalty Tax

[queengate8]

We receive a monthly payment from an IRA and I am under 59  do I still have to pay the 10% penalty? This IRA is from my husbands employer who paid him for early retirement. 

[VolvoGirl]

"WE" do not receive payments.   An IRA means individual retirement account.  It is only in your husband's name and goes by his age.  He rolled the employer payment  into a IRA?  Did he get a 1099R when he rolled it over?   @dmertz  any thoughts?

[MinhT1 · Accepted solution]

The IRS says in this document: 

If distributions are made as part of a series of substantially equal periodic payments over your life expectancy or the life expectancies of you and your designated beneficiary, the §72(t) tax does not apply. (The §72(t) tax is the 10% penalty).

Please read this document carefully as there are conditions and guidance from the IRS to avoid the penalty.