Smart Strategies for Qualifying for Early Distribution Penalty Exceptions. Early—or pre-age 59½—distributions from IRAs and employer plans are subject to a 10% early distribution penalty unless an exception applies. In Part 1, we explain how to avoid losing eligibility for some exceptions by changing from one type of plan to another. In Part 2, we highlight […]
How to Avoid the 10% Early Distribution Penalty: Part 2 of 2 Read More »
According to a 2024 report by the Treasury Inspector General for Tax Administration (TIGTA), Americans made early distributions of $12.9 billion in 2021. Early distributions—those taken before age 59 ½—are subject to a 10% additional tax or early distribution penalty. To that end, the following are some of the strategies that you can utilize to
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Tax season is here—are you ready? 📅💰 Now is the time to gather your tax documents, including W-2s, 1099s, and deductible expenses, to stay organized and maximize your refund. But taxes aren’t just a once-a-year task—they should be a key part of your overall financial planning! 💡🔍 By integrating tax strategy with financial planning, you
Tax season is here—are you ready? Read More »