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[Music] hi im the tax geek and here are more of your taxes oversimplified in this video were going to cover the 10 penalty for early retirement plan withdrawals and how you can possibly avoid this penalty anytime you take money out of a tax-deferred retirement plan such as an ira or 401k before age 59 and a half you are usually subject to both income tax plus an additional 10 penalty tax on the distribution why because the government really wants you to use this money for retirement tax deferred retirement accounts have helped millions of people live a much more financially secure life in their retirement years social security alone is not enough to maintain your pre-retirement lifestyle and was never meant to early retirement plan withdrawals can docHubly affect your financial future and be costly when you make them a retirement plan withdrawal is subject to the 10 penalty if the distribution code on form 1099-r is a 1. to learn more about distribution codes for retirement dist
