EXCEPTIONS TO 10% EARLY WITHDRAWAL PENALTY –
01.Core Concepts
IRAs & QUALIFIED PLANS Distributions on account of: • Death • Attainment of age 59½ • Disability • Substantially equal periodic payments • Medical expenses in excess of 7.5% of AGI • Rollover • IRS levy • Certain distributions to reservists called to active duty • Qualified birth or adoption distributions (added by SECURE Act) • Qualifying federally declared disasters (added by SECURE 2.0 Act) • Terminal illness (added by SECURE 2.0 Act) • Emergency personal expenses (added by SECURE 2.0 Act; beginning in 2024) • Domestic abuse (added by SECURE 2.0 Act; beginning in 2024)