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Age-55 qualified retirement plan exception

$225.00

SKU: TBA08124. Category: .

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Abstract: The taxable portion of a pre–age-59½ withdrawal taken from a qualified retirement plan or traditional IRA can be hit with a 10% early withdrawal penalty unless one of several exceptions applies. However, the list of exceptions is not identical for qualified plans and IRAs. This article looks at one case in which a taxpayer was hit with the 10% early withdrawal penalty when he rolled over his retirement plan money into an IRA and then took an early withdrawal. The U.S. Supreme Court disagreed with his contention that this shouldn’t have happened because the differing lists of penalty exceptions for qualified plans and IRAs were “illogical.”

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