10% penalty on early withdrawals

[Guest koolkid]

I am under age 59.5 and I have some after tax contributions and some pre-EGTRRA rollover contributions in my 401(k) account. If the plan allows me to withdraw this money, what amounts are subject to the 10% penalty?

[MWeddell]

There are exceptions to the excise tax for distributions prior to age 59½. I have no idea whether they apply to you. They are stated in Code Section 72(t).

Any amounts subject to income tax would also be subject to the early distribution excise tax. Hence, to the extent you have after-tax contributions and can withdraw them, then the contributions will not be subject to income or excise taxes but any investment gains on them will be subject to both income and excise taxes.