Poyzer, Jillian K.
How to avoid the 10% additional tax on early retirement distributions
The article discusses ideas for accountants on how to help their customers avoid the 10 percent additional tax on early retirement distributions in the U.S. Discussion on how the 10 percent additional taxation was applied on both qualified plans and individual retirement accounts (IRAs), as well as the exceptions available to both program is provided. The need for financial advisers to discourage customers from withdrawing money from their retirement accounts to avoid the tax is emphasized.
How to avoid the 10% additional tax on early retirement distributions
The article discusses ideas for accountants on how to help their customers avoid the 10 percent additional tax on early retirement distributions in the U.S. Discussion on how the 10 percent additional taxation was applied on both qualified plans and individual retirement accounts (IRAs), as well as the exceptions available to both program is provided. The need for financial advisers to discourage customers from withdrawing money from their retirement accounts to avoid the tax is emphasized.