ScottGem
Feb 1, 2011, 04:28 PM
Early withdrawal from what? Generally it won't be.
AtlantaTaxExpert
Feb 11, 2011, 03:50 PM
Negative. That 10% Early Withdrawal Penalty is a punitive tax that CANNOT be mitigated.
That means that if, after the distribution income is covered by deductions and exemptions and you show NO taxable income, you STILL have to pay the 10% Early Withdrawal Penalty.