From www.irs.gov wesbsite: IRS Tax Tip
Taxpayers may sometimes find themselves in situations when they need to withdraw money from their retirement plan early. What they may not realize is that that transaction may mean a tax impact when they file their return.
Here are 10 facts from the IRS about the tax implications of an early distribution from your retirement plan.
1. Payments you receive from your Individual Retirement Arrangement before you reach age 59 ½ are generally considered early or premature distributions.
2. Early distributions are usually subject to an additional 10 …