Question #33287. Asked by chui. (May 08 03 10:06 PM) In Thomas Love Peacock's satirical novel Headlong Hall (1816) there appear two high-flown nonce words (one-off coinages) which describe the human body by stringing together adjectives describing its various tissues.
10% Penalty for Early 401k Distributions â The main 401k withdrawal penalty is the 10% additional tax that is incurred for taking an âearly distributionâ. An early distribution occurs when 401k funds are withdrawn before reaching age 59-1/2.The 10% penalty is in addition to the regular income taxes that must be paid on amounts withdrawn. (Remember: you did not pay income tax when you contributed funds to the 401k plan so the IRS gets its share when you take money out.).n early distribution occurs when 401k funds are withdrawn before reaching age 59-1/2. The 10% penalty is in addition to the regular income taxes that must be paid on amounts withdrawn. (Remember: you did not pay income tax when you contributed funds to the 401k plan so the IRS gets its share when you take money out.).
But this type of withdrawal is not subject to the early withdrawal penalty. Early 401(k) withdrawals if you retire at 55 or later. Whether you quit, retire, or are fired, you can withdraw penalty-free money from your 401(k) if you are at least 55 when you leave the job.