IRA Withdrawals that Escape the 10% Tax Penalty

IRA Withdrawals that Escape the 10% Tax Penalty

The list of IRA withdrawals that may be taken without incurring a 10% early penalty has grown.

The reason withdrawals from an Individual Retirement Account (IRA) prior to age 59 1/2 are generally subject to a 10% tax penalty is that policymakers wanted to create a disincentive to use these savings for anything other than retirement.

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