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patfaninsc
February 18, 2025
Question

Was the 10% added early retirement tax applied automatically in prior years since my wife had not reached 59 1/2 until this tax year?

  • February 18, 2025
  • 1 reply
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    1 reply

    AmyC
    AmyC
    Employee
    February 18, 2025

    If you receive periodic payments, from a qualified plan, the penalty does not apply to you. If she has been getting this money for years, it sounds like regular payments. Early retirees are not subject to a penalty.

    Review your answers and check prior returns.

     

    See the rules at About Form 5329, Additional Taxes on Qualified Plans (including IRAs) and Other Tax-Favored Accounts or read the English interpretation by TurboTax at 5329 article.

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