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by AARP Tax-Aide, AARP, June 2, 2008
Q: Can you withdraw funds from a pension before age 59 1/2 and avoid the early withdrawal penalty?
A: Yes, there are exceptions to the early withdrawal penalty for qualified retirement pension plans. The 10% additional tax does not apply to distributions that are:
You can find all the exceptions starting on page 28 in IRS Pub 575.
These questions are actual inquiries submitted by taxpayers to our AARP Tax-Aide Program. The AARP Tax-Aide Program is a volunteer-run, free tax-preparation and assistance program offered to low- and middle-income taxpayers with special attention to those age 60 and older. Our volunteers are trained and IRS-certified to understand individual federal-tax issues. Our volunteers provide tax assistance as a public service and cannot guarantee the accuracy of the information provided.
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