Question

My husband & I incurred penalty of $1,467 (his $730, mine $737) for withdrawal of $10,000 each from our respective annuity accounts in April 2023. What is tax treatment?

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The IRS assesses a 10% early withdrawal penalty on the earnings, when the annuity owner is under age 59 1/2 but there are exceptions.

Refer to the IRS Tax Topics Pensions and annuities for more information.

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