Tax Warrior Chronicles

IRS Grants Extensive Relief to 2020 RMD Recipients

Posted on Mon, Jun 29, 2020

If you received a Required Minimum Distribution (RMD) in 2020, you should take careful note of guidance contained in the recently issued IRS Notice 2020-51 regarding the CARES Act’s waiver of 2020 RMDs and a taxpayer’s ability to rollover such distributions.

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Exceptions to Early Withdrawal Penalty for 401(k) & IRA Distributions

Posted on Thu, Nov 30, 2017

By: Sherri Sorbello, CPA

 

Most distributions from 401(k) plans and IRAs are subject to a 10% early withdrawal penalty if they are taken before you reach age 59 ½.  However, like most tax rules, there are certain exceptions allowing you to withdraw funds without a penalty.  This blog will address the most common exceptions to the 10% additional tax on early withdrawals. 

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