Would I qualify for the the 10% tax exception if I was terminated from my job at age 54?

[lsalinas61]

Would I qualify for the the 10% tax exception if I was terminated from my job at age 54?

[VolvoGirl]

For a 401K plan?  No.  You need to be 55 when you stopped working there.  

Exceptions for Early Distributions from a Qualified Retirement Plan such as a 401(k) or 403(b) plan. https://www.irs.gov/taxtopics/tc558

[SharonD007]

It depends.  There are exceptions to the 10% penalty if you took a retirement distribution before you are 59 and 1/2. One exception that may apply to you is an emergency personal expense up to $1,000  for an IRA distribution made after 12/31/2023.

Refer to the TurboTax article Are there exceptions to the early distribution penalty on an IRA? for more information.  You can also review the IRS Retirement topics Exceptions to tax on early distributions to check if one of the exceptions apply to your situation.

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