What would you like to do?

If you take cash distribution from former spouse retirement plan do you have to pay penalty Code section I am under age?

already exists.

Would you like to merge this question into it?

already exists as an alternate of this question.

Would you like to make it the primary and merge this question into it?

exists and is an alternate of .

Many, many things to consider that make a difference: How did you come by it - Ex by divorce or death? What type of plan is it? One distribution or distributions to continue over your expected life? Does the plan even allow it? (And if so, you should consider if the plan effectively seriously penalizes you for doing so). What were his contributions to the plan? Is there any qualifying hardship or use for the funds? Many more.
17 people found this useful
Thanks for the feedback!

If you stop working for a company that has a retirement plan can you take cash instead of waiting till you get a certain age?

Possibly, but you might want to consult a tax attorney before you transfer any funds. Answer Usually, but of course it may depend on company policy and there could be a penalt

What age is the earliest you can retire and not pay any tax penalties?

59 1/2, or in certain cases 55     Ans   You can retire at any age if you have the mans.   You cannot start drawing social security or withdraw from from qua

What is the penalty for under-age gambling?

The law varies by state. In NJ if an underage individual is caught  gambling they will be fined anywhere from $500 to $1000 and their  driver's license will be suspended for

What are penalties for gambling under age in Nevada?

Gambling here? I'm sure they'd just make you leave the casino but usually security here is heavy and will not even let a minor in the casino floor unless accompanied by an ad

What is penalty for 401K withdrawal before retirement age?

10% early withdrawal penalty on the taxable amount of the distribution plus income tax at your marginal tax rate. If you are separated from the company that has the 401K plan

How long does a former spouse have to collect his personal property in equitable distribution at the residence of the former spouse?

YOu need to check with your attorney. The time may be mentioned in the separation agreement of it may be governed by state law. YOu need to check with your attorney. The time

Do ihave to pay my spouses retirement taxes?

Whenever you are married and file taxes as Married Filing Joint,  your taxes and your spouses taxes are one in the same. This means  that any taxes owed on your return are t