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.
Early Retirement Distribution Leads to Additional Tax
Unless a petitioner meets one of the exceptions, she’s liable to pay 10 percent more