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What is the additional income tax under section 72(t)(1) of the Internal Revenue Code?

April 26, 2017additional code Internal revenue section

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What is the additional income tax under section 72(t)(1) of the Internal Revenue Code?

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Section 72(t)(1) provides that an additional tax of 10 percent will be imposed on the amount includible in income with respect to a distribution from a qualified retirement plan as defined in section 4974(c). Various exceptions to this tax are set forth in section 72(t)(2).