Retirement plan early withdrawal penalties
Even if you’re a retiree, this doesn’t mean the IRS agrees for the purposes of taking money out of your qualified retirement plans, including 403b accounts, IRA and 401k. Once you’ve reached age 59 and 1/2, you can take the money out without penalty. But if you withdraw prior to then, the IRS adds an extra 10 percent tax penalty on the taxable portion of your distribution.
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