TAXES ON Early Distributions From Retirement Plans: "Payments that you receive from your IRA or qualified retirement plan before you reach age 59 1/2 are normally called early or premature distributions. These funds are subject to an additional 10 percent tax and must be reported to the IRS. There are a number of exceptions to the age 59 1/2 rule if you make an early withdrawal. Some exceptions apply only to IRAs, some only to qualified retirement plans, and some to both."
Monday, February 20, 2006
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