Early Withdrawal Penalty Exceptions

Exceptions to the 10% penalty for early withdrwal of 401k's and IRA.

[RachelBorn]

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

[LiamOlivia-]

I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for.

[ronchildres]

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...

[brandon]

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?

[xzx]

My partner is locked up now I'm stuck with all the bills and child care. Only option is to take out 401k but im not allow or qualify for a hardship withdrawal. The only thing is my mortgage and needed the foreclosure notice from the bank. I'll have to be that bad until they let me do the hardship withdrawal. Only other option is to leave my job but I wouldn't be able to get rehire back since that's why I left the company. Ehh

[feleciamiller]

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

[yn]

Are there any penalties for vested Calpers retirees prior to 59 1/2? I’d like to know if monthly pension checks will be penalized prior to 59 1/2 if retired at 57 years old

[frankieg]

What about federal disaster declaration?

[Spark]

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

[johnstouchpad]

But do you lose the tax deduction for money going into a 401k for that tax year?

[prettynikki]

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?

[ralphsaldivar]

So if age 52, on SSD I can withdraw 401K early w/o the 10% penalty ? Also, is this then taxed as ‘earned’ income ?

[roberthopps]

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?

[tbugher]

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

[dianaaguilera]

I need money now not when im 60 and dead

[insurancecasino]

You got 60 days bro. Are you a scammer?

[solarray]

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