Early Withdrawal Penalty Exceptions
Вставка
- Опубліковано 27 гру 2022
- Exceptions to the 10% penalty for early withdrwal of 401k's and IRA.
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As a divorce attorney, this is a common issue I see and you did an exceptional job explaining it!! Thank you!
Good information. Thanks.
Thank you!
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?
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...
#6. Disabled.
Does this also apply to Vets that Permanent and Totally disabled?
I’m trying to figure out how I do a hardship withdrawal to pay off the IRS and not get a penalty.
What about federal disaster declaration?
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?
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?
The rule of 55 only applies if you leave that job in or after the year you turn 55.
If you retire early ,does the 10% penalty end when you hit 59 1/2 years old ?
Yes, withdrawals are not penalized after age 59 1/2.
There should be no rules to someone wanting to access there own money so it’s yours but it’s not
I need money now not when im 60 and dead