0
That would depend on what you mean by "withdrawing too much". If you mean that you withdraw so much during the plan period (the longer of 5 years or until you reach age 59 1/2) that you run out of funds then the answer is no. According to the IRS website:
"If an individual's assets in an individual account plan or an IRA are depleted, the individual will not be subject to the income tax of section 72(t)(1) of the Code as a result of not receiving substantially equal periodic payments. In addition, the recapture tax described in section 72(t)(4) of the Code will not be applicable." If you mean that you withdraw more than allowed (using one of the 3 approved withdrawl methods: Minimum Distribution, Fixed Amortization or Fixed Annuitization) under the 72(t) rule then yes you will be subject to the 10% penalty and may be subject to the recapture tax specified in 72(t)(4).
What else can I help you with?
How much were countries assisted under the marshall plan?
5
Retirement Plan Withdrawal?
Retirement Plan Withdrawal Withdrawing money from a qualified retirement plan, such as a Traditional IRA, 401(k) or 403(b) plan, among others, can create a sizable tax obligation. If you are under 59 _ you may also be subject to a 10% early withdrawal penalty. Use this calculator to see what your net withdrawal would be after taxes and penalties are taken into account.
Define the 700 billion US bailout plan?
Much of it is still evolving. Suggest you review wikipedia under bailout plan.
Will CSFB take Merrill Corp public?
don't think so....Press release yesterday says that Merrill Corp is withdrawing its plan for an IPO.
What is a Roth retirement plan used for?
A Roth IRA allows an individual to pay taxes on the front end, when paying into the retirement plan, but not on the back end, when withdrawing the funds. Money grows in an IRA tax-free.
Is it smart to get a checking account if you don't plan on writing checks?
Checking accounts do not have limits on the amount of transactions that can be made from them. If you plan on withdrawing cash or making purchases with a debit card, then you still need to get a checking account.
What is my primary insurance my husband's plan at work or medicare?
If you are covered under your husband's plan and he is working, his plan is primary to Medicare. If you are not covered under your husband's plan, Medicare is primary.
Larger states benefited most under what plan?
The Virginia Plan
When did America loan money to Germany after ww1?
In 1924 under the Dawes Plan and again in 1929 under the Young Plan
Kama borrowed 625 at 11 percent interest for 60 days How much does she have to repay under a single-payment plan?
636.30
Does Aetna insurance cover a provider for people under its plan?
yes the Aetna insurance cover a provider for people under its plan
Do you have to be married in order to be covered under the same health insurance plan?
No, you do not have to be married to be covered under the same health insurance plan.
