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. In addition, “coronavirus-related distributions” also avoid the 10% penalty in 2020. 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.”pdf

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Have more questions about your retirement account distributions? Contact our office at (877) 714-2362 to schedule a time for a visit.

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Walter F. Pardo CWS®, PPC™

An Ed Slott Master Elite IRA Advisor

22 Church Street | P.O. Box 60 | Liberty Corner, NJ | 07938

Phone (877) 714-2362 | Fax 1 + (908) 325.0008

info@wfp-taxes.com

www.wealthfinancialpartners.com