" What Are The Effects Of Early Retirement Withdrawals ? "

Tax Payers need to plan for the Effects Of Early Retirement Plan Withdrawals i.e.Retirement Plan Withdrawals Before the Age of 59 1/2 Years.  These withdrawals can be Taxable or Non-Taxable.
1.  Non Taxable Withdrawals - Check out the Applicable Exceptions .  Rollover Assets from one Retirement plan to another within 60 days.
2. ** Taxable Distributions -  Unless the Exceptions apply, they have two major impacts:
          o   Penalty -  10% IRS Penalty plus 2.5 % California Penalty.
          o   Taxable Distribution -  Taxpayer Taxable at the Marginal Tax Rate
              ** Suggest Taxpayer to Put aside these amounts to Avoid Future shock of Tax Liability.
3.  Form 5329 - File for Additional Taxes if applicable.

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