Tax Help Blog


Tax blog posts, news, videos and more from our team of experts!
Ask a Tax Expert

Can I make withdrawls to my retirement account before age 62 without penalties?

Oct 21, 2009

The key for the withdrawl penalty as to age is 59 1/2. If retirement withdrawals occur before that age, then the penalty could be applicable.

But even if you are younger than 59 1/2, there is an IRS exception to the penalty if the distribution is after separation from service and the distributions are in a series of equal payments over the life of the participant. The IRS has a very good publication that can help with this detail called Publication 590, Individual Retirement Arrangements that discuss these options.

NASE Social Media

res-footer-facebook res-footer-twitter res-footer-linkedin

res-footer-blog res-footer-huffpost res-footer-youtube

Related News...

How To Qualify For Social Security Disability Benefits If You Are Self-Employed
If you are self-employed, you own your own business or you do gig work or freelance. You pay in taxes, but you do not have an employer who makes deductions from your paychecks. If you are self-employed and you are disabled because of a medical condition, you may qualify for disability benefits from the Social Security Administration (SSA). This is a rundown of how you can qualify for disability benefits if you are self-employed.
Posted on Dec 16, 2020
Ask the Expert - Added Expenses on Extended Tax Return
Question: I extended my tax return that is now due on October 15th. I just discovered that I left off some expenses from the previous year that I should have included. Can I include those amounts on this tax return or on next year’s tax return, or have I lost the benefit of those expenses?
Posted on Sep 13, 2019
Tax Preparation for the Small Business Owner
At The National Association for the Self-Employed, we know that tax season can be a hassle for independent contractors, freelancers, and small business owners. You don’t usually have the resources to hire seasoned accountants, so you end up taking precious time out of your busy day to do it yourself. But never fear, NASE is here to guide you and your small business through the process with the essential knowledge you’ll need to navigate your 2018 Tax Year.
Posted on Feb 25, 2019
Want to see more news items?  Click here  

Related Videos...

Are Quarterly Estimated Tax Payments Really Needed?
Find out more about quarterly estimated tax payments. How much should my quarterly payment be and what happens if I do not make payments? What are a 3 safe harbors to help you avoid penalties? Always remember, do not pay in more taxes than you have to.
Posted on Jan 10, 2018 by Katie Vlietstra
How to Deduct the Business Use of Your Vehicle
Will you be prepared at the end of the year to take your vehicle tax deduction? Are you keeping a mileage log in case of audit?
Posted on Jan 10, 2018
Self Employment Tax
As a self-employed business owner, you are the employee and the company. Make sure that self-employment tax is part of your business plan.
Posted on Jan 10, 2018
Want to see more related videos?  Click here  

Still Have Questions?

Ask The Expert

Courtesy of NASE.org
https://www.nase.org/business-help/get-help/tax/tax-blog/tax-talk/2009/10/21/Can_I_make_withdrawls_to_my_retirement_account_before_age_62_without_penalties