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hiskelly
New Member

If I close my TSA account early I know that I will incur a fed income tax penalty of 10%. I’m in Georgia so what other early withdrawal penalties can I expect?

I’m not 59 1/2 yet; state tax % penalty?
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2 Replies
MaryK4
Expert Alumni

If I close my TSA account early I know that I will incur a fed income tax penalty of 10%. I’m in Georgia so what other early withdrawal penalties can I expect?

There is no additional state penalty for early withdrawal of your TSA account in Georgia.  You would only be subject to the IRS penalty for early withdrawal (unless an exception applies of course).

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hiskelly
New Member

If I close my TSA account early I know that I will incur a fed income tax penalty of 10%. I’m in Georgia so what other early withdrawal penalties can I expect?

Thanks so much👍🏼

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