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Retirement Plan Early Withdrawals: Tax Court Addresses Requirements to Avoid a Penalty
Legacy Professionals LLP 
Feb. 1, 2023 "Most retirement plan distributions are subject to income tax and may be subject to an additional penalty if you take an early withdrawal.... Fortunately, there are several ways that the penalty tax (but not the regular income tax) can be avoided.... As the taxpayer in one new court case found, if you don't meet the requirements, you'll be forced to pay the penalty.' [Lucas v. Comm"r, No. 2808-20 (T.C. Memo 2023-9 Jan. 17, 2023)] MORE >> |
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