If an investor chooses to take a premature distribution from a qualified account before he or she is eligible to do so, the IRS imposes a 10% penalty on the amount withdrawn. The money is also taxed as ordinary income in the year the investor withdraws it.
Updated: 13 October 2016. Although it is best known for its cultural and artistic advancements, the Italian Renaissance was also a period of significant scientific progress too. We take a look at some of the eraâs most interesting inventions, from Leonardo da Vinciâs parachute to Galileoâs precursor to the modern thermometer.
Image 1 - Italy's Renaissance began in the northern cities of Genoa, Florence and Venice. Image 2 - The historic city-centre of Genoa. This was one of Italy's greatest sea ports during the Middle Ages. Image 3 - Venice, a city built on water, is famous for its unique system of canals.