Transfer of Partial IRA Account Balance Subjects Periodic Payments to 10% Penalty
Sep 2nd, 2009 | By Charles L. Stanley CFP® ChFC® AIF® | Category: 3rd Quarter (Age 40-60)IRA accounts are designed for retirement. If a person decides they want to access their account prior to age 59 1/2, they will incur a Federal Income Tax penalty for early withdrawal of 10% of the amount withdrawn. In addition, the amount withdrawn is deemed ordinary income and taxed as such. If that weren’t bad [...]
