Two Days In A Librarianâs Life www.voicesforthelibrary.org.uk Librarians have varied and interesting jobs! This librarian works 15 hours per week in a Local Studies post, and has shared with us the enquiries they researched and responded to, with the help of one assistant, in just two days last week...
With a few exceptions, early withdrawals from traditional or Roth IRAs generally incur a tax penalty equal to 10% of the taxable amount. To calculate the penalty on an early withdrawal, simply multiply the taxable distribution amount by 10%. An early distribution of $10,000, for example, would incur a $1,000 tax penalty.
Normally, if you withdraw money from a traditional or Roth IRA before you reach age 59-1/2, you would pay a 10% early distribution penalty on the distribution, in addition to any regular income tax due. There is, however, an exception for distributions used to pay qualified higher education expenses.ormally, if you withdraw money from a traditional or Roth IRA before you reach age 59-1/2, you would pay a 10% early distribution penalty on the distribution, in addition to any regular income tax due. There is, however, an exception for distributions used to pay qualified higher education expenses.