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  2. What is the rule of 55 and how does it work? - AOL

    www.aol.com/finance/rule-55-does-162351698.html

    Taking a distribution from a tax-qualified retirement plan, such as a 401(k), prior to age 59½ is generally subject to a 10 percent early withdrawal tax penalty. However, the IRS rule of 55 may ...

  3. How Can I Tell If the Rule of 55 Applies to My ... - AOL

    www.aol.com/does-rule-55-apply-retirement...

    Employer-sponsored, tax-deferred retirement plans like 401(k)s and 403(b)s have rules about when you can access your funds. As a general rule, if you withdraw funds before age 59 ½, you'll ...

  4. What Is the Rule of 55 for Retirement? - AOL

    www.aol.com/finance/rule-55-retirement-180901303...

    The rule of 55 states that you can withdraw funds from your current job’s 401 (k) plan without the 10% tax penalty if you leave that job when you are age 55 or older. This IRS provision allowing ...

  5. Required minimum distribution - Wikipedia

    en.wikipedia.org/wiki/Required_minimum_distribution

    Required minimum distributions (RMDs) are minimum amounts that U.S. tax law requires one to withdraw annually from traditional IRAs and employer-sponsored retirement plans. In the Internal Revenue Code itself, the precise term is " minimum required distribution ". [1] Retirement planners, tax practitioners, and publications of the Internal ...

  6. Internal Revenue Code section 409A - Wikipedia

    en.wikipedia.org/wiki/Internal_Revenue_Code...

    t. e. Section 409A of the United States Internal Revenue Code regulates nonqualified deferred compensation paid by a "service recipient" to a "service provider" by generally imposing a 20% excise tax when certain design or operational rules contained in the section are violated. Service recipients are generally employers, but those who hire ...

  7. 401(k) withdrawal rules: What to know before cashing out ...

    www.aol.com/finance/what-are-401k-withdrawal...

    Early withdrawals: The Rule of 55. ... General Distribution Rules, IRS. Accessed April 17, 2024. FAQs about Retirement Plans and ERISA [PDF], U.S. Department of Labor. Accessed April 17, 2024.

  8. Revenue ruling - Wikipedia

    en.wikipedia.org/wiki/Revenue_Ruling

    A revenue procedure is an official statement of a procedure that affects the rights or duties of taxpayers under the law, while a revenue ruling is the conclusion of the IRS on how the law is applied to a specific set of facts. Generally, a revenue ruling states the IRS position, whereas a revenue procedure provides return filing or other ...

  9. What Is the Rule of 55, and How Does It Work? - AOL

    www.aol.com/news/rule-55-does-155449580.html

    Employer-sponsored, tax-deferred retirement plans like 401(k)s and 403(b)s have rules about when you can access your funds. As a general rule, if you withdraw funds before age 59 ½, you’ll ...