Phone: (714) 538-1040            Email: greg@beck1cpa.com

Tag: retirement


Tap Your Retirement Money Early and Minimize Penalties

Posted on November 21st, by Big Chief in Blog. Comments Off

The purpose of retirement plans such as the 401(k) and Individual Retirement Account (IRA) is to save money for your retirement years. As such, the IRS imposes a penalty of 10% for early withdrawals taken from qualified retirement plans before age 59 1/2. Qualified retirement plans include section 401(k) plans, individual retirement accounts (IRAs), and 401(k) plan, tax-sheltered annuity plans under section 403(b) for employees of public schools or tax-exempt organizations.