Will I have to pay the 10% early-withdraw penalty even tho my former employer ended their pension plan, forcing me to take $14,919?

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Will I have to pay the 10% early-withdraw penalty even tho my former employer ended their pension plan, forcing me to take $14,919?

Yes, if you are under age 59 1/2, you have to pay the early withdrawal penalty of 10%, in addition to taxes on the amount withdrawn.

You could have rolled over to a Traditional IRA to avoid the withdrawal and the taxes and penalty.

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