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Withdrawal penalties avoidable

May 19, 2014
Provided by Rebecca Schoonover - Citizens Bank (Rebecca.schoonover@ceterais.com) , Inter-Mountain

Do you need to access your retirement money early? Usually, anyone who takes money out of an IRA or a retirement plan prior to age 59 faces a 10 percent early withdrawal penalty on the distribution. That isn't always the case, however. You may be able to avoid the requisite penalty by taking distributions compliant with Internal Revenue Code Section 72(t)(2).

 
 
 

 

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