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Early Retirement Distribution Leads to Additional Tax

Unless a petitioner meets one of the exceptions, she’s liable to pay 10 percent more
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In Fields v. Commissioner, T.C. Memo. 2014-48 (March 19, 2014), the Tax Court determined that a petitioner was liable for a 10 percent additional tax pursuant to Internal Revenue Code Section 72(t)(1), due to an early distribution from her qualified retirement plan.  Here’s why.

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