AMJ Financial Blog

Avoiding the 10% Tax Penalty

As a retirement account owner, you’ve probably been warned about the 10% early distribution penalty that applies to taxable distributions made before age 59½. But did you know that if for some reason you need to access your money early, there are exceptions to this rule?

Expenses such as medical bills, buying your first home, and higher education may qualify as exceptions and allow you to withdraw early without penalty. However, there are specific criteria that must be met for an exception to qualify.

To learn more, click here to download “Avoiding the 10% Penalty in 5 Easy Steps.”

Have more questions about your retirement account distributions? Contact our office at 703-466-0477 to schedule a time to visit.

Securities offered through Triad Advisors, LLC, Member FINRA/SIPC

Advisory Services offered through AMJ Financial Wealth Management LLC

AMJ Financial Wealth Management LLC is not affiliated with Triad Advisors LLC

 

Previous Post | More Recent Post