Episode 129: How Does the IRS Calculate Penalties and Interest
Manage episode 357787960 series 3295179
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In general, you can withdraw money from your 401(k) account, but it's important to understand the potential consequences and fees involved. Firstly, if you withdraw money from your 401(k) before you reach age 59 and a half, you will likely have to pay an early withdrawal penalty of 10% in addition to regular income taxes on the amount withdrawn Calculate IRS Penalties and Interest Rates. However, there are some exceptions to this penalty, such as if you become disabled or if you have certain medical expenses. Read also: https://www.reconcilebooks.com/calculate-irs-penalties-and-interest-rate/… continue reading