Generally, when a taxpayer withdraws funds from a qualified plan or Traditional IRA before reaching the age of 59-1/2, the withdrawal is considered an early distribution and is subject to a penalty equal to 10% of the taxable amount withdrawn. This penalty is in addition to any income tax due on the distribution. There are a number of exceptions that might avoid the penalty, depending upon if a distribution is from an IRA or a qualified plan. Taxpayers should consult with this office prior to taking a distribution before reaching age 59-1/2.
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