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Entries for June 2010

02

Tax consequences; taking early distributions from an IRA or Retirement Plan?

TaxBizPro, LLC posted on June 02, 2010 10:32 Article Rating

Do you have an IRA or an employer sponsored retirement plan such as: 401-K, 403-B, 457, DB, Profit Sharing Plan, or other qualified retirement plans?  Did you purchase a non-qualified annuity to protect your retirement assets?  If the answer is yes, then you should know what would happen tax-wise, if you take the money out early (taking premature distribution)?  In most cases withdrawing funds early out of a retirement plan or an IRA before 59 ½, is called “an early distribution”. 

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Posted in: Personal Tax Articles

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