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Is there a penalty for early withdrawl??

April 26, 2017early penalty withdrawl

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Is there a penalty for early withdrawl??

1 Answer

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The retirement age is from age 55 to age 65. If funds are withdrawn before the retirement age, there will be a 25% withholding tax deducted at source by the issuer of the plan. In addition to this, the individual will be required to include the amount withdrawn in their income for tax purposes and will pay any additional taxes due upon filing of their return. 7.