There are several exceptions to the early withdrawal penalty for qualified retirement plans such as a 401(k) and for IRAs. Since the rules differ for different types of plans, please refer to this tax topic for your situation: https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-tax-on-early-distributions
Articles in this section
- Are Roth IRA conversions taxable?
- I received a lump-sum Social Security benefit covering several prior years. How do I report that on my tax return?
- I started receiving Social Security this year - will it be taxable?
- Are my company pension benefits taxable?
- Can you withdraw funds from a pension before age 59½ and avoid the early withdrawal penalty?
- Are there any tax consequences if you roll over your 401(k) into an IRA?
- I withdrew money from an IRA. How do I report it?