Early Withdrawal Penalty Exceptions

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  • Опубліковано 27 гру 2022
  • Exceptions to the 10% penalty for early withdrwal of 401k's and IRA.
    Roth IRA Withdrawal Rules • Roth IRA Withdrawal Rules
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    www.financialfastlane.com/

КОМЕНТАРІ • 19

  • @RachelBorn
    @RachelBorn 3 місяці тому

    As a divorce attorney, this is a common issue I see and you did an exceptional job explaining it!! Thank you!

  • @markcummings6856
    @markcummings6856 Рік тому +2

    Good information. Thanks.

  • @richardcarrillo4990
    @richardcarrillo4990 Місяць тому

    Thank you!

  • @brandon8531
    @brandon8531 9 місяців тому +2

    I would love to reach out to you guys for some advice. As a 17 year career public safety firefighter, I have been reading about the new Secure Act 2.0 allowing distributions after 25 years of service, WITHOUT penalty. I can NOT eligibly retire from my County until I am 55, but can I take withdrawals without penalty at age 50, or 25 years of service if I separate or resign?

  • @ronchildres2451
    @ronchildres2451 4 місяці тому

    I have listened to so many of these video and you are the only one that addressed this exemption on IRS form 5329. Exemption-12 Distributions incorrectly indicated as early distributions by code 1, J, or S in box 7 of Form 1099-R. Include on line 2 the amount you received when you were age 591/2 or older. Can you explain why this is not talked about, I was almost charged this penalty until I personally called the IRS and spoke to them concerning this penalty and they told me about this form and the 8606. I then sent this to my pro and now I don't have to pay this tax.. WOW...

  • @feleciamiller6725
    @feleciamiller6725 Місяць тому

    #6. Disabled.
    Does this also apply to Vets that Permanent and Totally disabled?

  • @solarray9804
    @solarray9804 Місяць тому

    I’m trying to figure out how I do a hardship withdrawal to pay off the IRS and not get a penalty.

  • @frankieg612
    @frankieg612 4 місяці тому

    What about federal disaster declaration?

  • @prettynikki3667
    @prettynikki3667 7 місяців тому

    Good evening..if i am 27 and wrote to the company about my hardship how fast can i receive the money with the 10% rule?

  • @roberthopps11
    @roberthopps11 3 місяці тому

    If I lost my job where I built my 401k at 54 1/2 and now I’m 56 1/2, am I able to withdrawal my 401k without penalty with the 55 rule. (My plan does have a 55 rule) the part I need clarity on did my age when separated from the company play a role?

    • @FinancialFastLane
      @FinancialFastLane  3 місяці тому

      The rule of 55 only applies if you leave that job in or after the year you turn 55.

  • @tbugher62
    @tbugher62 11 місяців тому +1

    If you retire early ,does the 10% penalty end when you hit 59 1/2 years old ?

    • @FinancialFastLane
      @FinancialFastLane  11 місяців тому

      Yes, withdrawals are not penalized after age 59 1/2.

  • @516Spark
    @516Spark 4 місяці тому +2

    There should be no rules to someone wanting to access there own money so it’s yours but it’s not

  • @dianaaguilera4752
    @dianaaguilera4752 Місяць тому +1

    I need money now not when im 60 and dead