Important Notice: Our web hosting provider recently started charging us for additional visits, which was unexpected. In response, we're seeking donations. Depending on the situation, we may explore different monetization options for our Community and Expert Contributors. It's crucial to provide more returns for their expertise and offer more Expert Validated Answers or AI Validated Answers. Learn more about our hosting issue here.

Is there an early withdrawal tax penalty?

April 26, 2017early penalty tax withdrawal

0

Posted

Is there an early withdrawal tax penalty?

1 Answer

0

Posted

If you are under age 59½, an additional 10% penalty for early withdrawal may be levied. When you file your taxes for the year, you will need to complete an IRS Form 5329 to pay the tax. Attach it to your annual tax return.