Exceptions to the 10% IRA Early Withdrawal Penalty

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Explanation of the 9 exceptions to the 10% early withdrawal penalty when taking a distribution from an IRA before age 59 1/2.

Links in this video:

#RetirementPlanning #TaxPlanning #IRA

DISCLAIMER: This video is only helpful hints and education. It is not specific tax, legal or investment advice. Before considering acting on anything you see in this video, first consult with your tax, legal or investment advisor. While the information expressed in this video is believed to be accurate, neither Andy Panko, CFP®, RICP®, EA nor Tenon Financial LLC make any guarantees to its accuracy.

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best video on youtube as far as 10% penalty exceptions is concern.

riyaziaf

With respect to the Rule of 55, even though an employee's current 401k does not allow it (and so distributions are subject to the 10% early withdrawal penalty), Form 5329 (line 2) can be filled out and the 10% penalty can be reimbursed back to the taxpayer.

caligula

Very very informative. Let’s see what else this guy has done…

erikrichardgregory

What if you're 100 percent permanent and total disabled veteran?

Nsands

If it is September now and I already paid $5000 tuition for my son (in March) and I anticipate paying another $5000 in Dec, can I pull out $10, 000 then declare in my 2022 taxes on the 5329 form that I took out $10, 000? Or do they check the time of year I pull out this money from my IRA?

CozmicG

How about federal law enforcement? I thought they can withdraw roth IRA before 59 1/2

asianamerican

Hi if I understood correctly, only 10k withdrawal MAXimum are free of penalty for the reason of buying 1st home?

vitmateju

Does this apply to TSP within the federal government (for both traditional & ROTH IRA)? I need to process a TSP-76 Financial Hardship In-Service Withdrawal Request - Civilian. I am leaving the default for withholding to 10%. I am concerned about the penalty on the withdrawal as income at the end of the year. Is that a certain % or just added to my overall earned income? Thank you.

IlliniPicker

Hello, I had to question with the qualified higher educational expenses. I would be using the withdrawal for a laptop ( for school ) . This would count as an exception correct ? Also, when I do taxes, I would claim this exception and there should be no penalty ?

jaysonstrimling

I'd like to move $1, 100 from my betterment IRA (the total amount) to my M1 general investing pie.

It I withdrawal this amount do you know what the penalty + tax implications are?

sea_hous

Also where does someone prove complete disability?

sea_hous

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