What are the 401k expemtions from paying the 10% penalty for an early withdraw

If you are under 59-1/2 years of age, withdrawals from a 401(k) are normally subject to the 10% early withdrawal penalty. The exceptions to having to pay the penalty are for withdrawals that are:

1. Made as part of a series of substantially equal periodic payments (made at least annually) for your life (or life expectancy) or the joint lives (or joint life expectancies) of you and your designated beneficiary (if from a qualified retirement plan, the payments must begin after separation from service) - this is known as a section 72(t) withdrawal.

2- Made because you are totally and permanently disabled (you cannot engage in any substantial gainful activity because of a physical or mental condition, and a physician determines that the condition has lasted or can be expected to last at least a year or can lead to death).

3- Made on or after the death of the plan participant or contract holder.

4- From a qualified retirement plan (other than an IRA) after your separation from service in or after the year you reached age 55.

5- From a qualified retirement plan (other than an IRA) to an alternate payee under a qualified domestic relations order.

6- From a qualified retirement plan to the extent you have deductible medical expenses (medical expenses that exceed 7.5% of your adjusted gross income), whether you itemize your deductions for the year.

7- From an employer plan under a written election that provides a specific schedule for distribution of your entire interest if, as of March 1, 1986, you had separated from service and had begun receiving payments under the election.

8- From an employee stock ownership plan for dividends on employer securities held by the plan.

9- From a qualified retirement plan due to an IRS levy of the plan.