How do i know if my pension distribution was received before retirement age

posted

In general, retirement age is 59 1/2 years old. However, you might qualify for an exception to the 10% penalty tax. If this is a designated Roth account, then there is also a 5 year rule that is used to determine whether you will have to pay an additional 10% penalty tax. Please refer to this IRS link for more information about the 5 year rule. https://www.irs.gov/retirement-plans/designated-roth-accounts

Please refer to page 32 of Pub 575 under the heading, "tax on early distributions" for additional information regarding the 10% penalty tax.

Please refer to page 33 of Pub 575 under the headings, "general exceptions" and "additional exceptions for qualified retirement plans" to determine if you qualify for an exception to the 10% penalty tax. https://www.irs.gov/pub/irs-pdf/p575.pdf