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Yes, you are correct. If the distribution (withdrawal) occurs before age 59.5, there is an early withdrawal penalty of 10% of the amount of the distribution in addition to the income tax at your tax bracket.
There are exceptions for the early withdrawal penalty:
https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-tax-on-early-distri...
Yes, you are correct. If the distribution (withdrawal) occurs before age 59.5, there is an early withdrawal penalty of 10% of the amount of the distribution in addition to the income tax at your tax bracket.
There are exceptions for the early withdrawal penalty:
https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-tax-on-early-distri...
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