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Started By
Message
re: IRS to allow access to retirement accounts for flood victims
Posted on 8/30/16 at 11:44 pm to PrivatePublic
Posted on 8/30/16 at 11:44 pm to PrivatePublic
quote:
It's your own money untaxed. You agreed to the system when you signed up for it. If you don't want it in that system, pay taxes on it and put it somewhere else.
Meh, it is a convoluted system. The penalty on a traditional qualified plan is designed to keep people from simply shifting/deferring income with ease, but it can be avoided over 5 years using a Roth conversion. Traditional and Roth IRAs and qualified plans should be distinguished by either pre-tax or after-tax and that's that. A 10% penalty for most withdrawals before 59.5 deters greater savings in my experience.
0
Posted on 8/30/16 at 11:59 pm to tigerskin
The early withdrawal penalty provisions, and exceptions, are statutory. The IRS does not have the authority to waive the penalty for early withdrawal.
quote:Relief for Victims of Louisiana Storms Announcement 2016-30
Also, except to the extent a distribution consists of already-taxed amounts, the distribution will be includible in gross income and generally subject to the 10-percent additional tax under § 72(t).
Posted on 8/31/16 at 12:02 am to Poodlebrain
quote:
Poodlebrain
Glad you chimed in. At first glance in the article it read like the penalty would be waived, but that is simply untrue.
I guess this is more than nothing, but only barely.
Posted on 8/31/16 at 1:19 am to tigerskin
They should allow people to keep their retirement in place and draw their social security instead or be able to choose.
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