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Guide to the Early Distribution Penalty Exceptions for Distributions from Retirement Accounts (IRA6)

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Excellent topic of rules we forget and don't use a lot.
Lisa L.

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Guide to the Early Distribution Penalty Exceptions for Distributions from Retirement Accounts (IRA6)

  • Customer Rating
    (1)
  • Field of Study
    Taxes
  • Level
    Intermediate
  • Credits
    2
  • Qualifies for

    CPE

Overview

Distributions from retirement accounts that occur before the account owner reaches age 59½ are subject to a 10% additional tax, unless an exception applies. Eligibility for any of these exceptions is determined by several factors, including the type of account from which the distribution is made. Making a wrong move can result in a retirement account owner losing eligibility for an exception. In some cases, exceptions can only be claimed through proper reporting on the individual's tax return.

Major Topics:

  • Early distribution penalty
  • Exceptions to the age 59½ rule
  • Substantially equal periodic payments
  • Exceptions by plan/account type
  • Transfer and rollover rules and their effects on qualifications for the exceptions
  • Claiming the exception when an IRA custodian's tax reporting shows no exception
  • The rules that apply to the different exceptions

Learning Objectives

  • Identify distributions that might be subject to the 10% early distribution penalty
  • Ensure that clients who qualified for the exceptions do not pay the 10% early distribution penalty because of conflicting tax reporting by IRA custodians and plan trustees
  • Understand the tax reporting requirements that apply to early distributions
  • Determine suitability for the substantially equal periodic payment program

Designed for:

Financial advisors, tax professionals, and individuals who support IRAs and employer plans (employees of financial institutions who answers questions about and handle transactions for IRAs and employer plans)

Prerequisite:

A basic understanding of individual income tax

Advanced Preparation:

None

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