Of interest to 401(k) plan sponsors and administrators, the IRS recently issued Notice 2024-55, providing guidance on SECURE 2.0’s new exceptions—effective January 1, 2024—to the additional 10% tax on ...

Internal Revenue Code Section 72(t)(1) imposes a 10% additional tax on most distributions from retirement plans and individual retirement accounts before age 59 1/2. However, there are various ...

Taxpayers can get a distribution from an applicable eligible retirement plan for personal or family emergency expenses, according to new guidance. Processing Content Notice 2024-55 provides guidance ...

As part of the SECURE 2.0 Act, exceptions to the 10% penalty for early withdrawals from retirement accounts include distributions for emergency personal expenses and victims of domestic abuse.

The IRS issued guidance on exceptions to the Sec. 72(t)(1) additional 10% tax on early distributions from retirement plans for emergency personal expense distributions and for domestic abuse victim ...

The Internal Revenue Service (IRS) released a notice providing guidance on distributions for emergency personal expense and domestic abuse victims under the SECURE 2.0 Act of 2022 (SECURE 2.0). Both ...

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