# A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
Early Withdrawal Penalty

Early withdrawal penalty is what you’re fined when you take money from your retirement account before you’re eligible.

If you withdraw money from a defined contribution plan or IRA before you turn 59 ½, the IRS takes 10% plus income taxes. Withdrawals for a first-time purchase of a home or for education costs are usually penalty-free.


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