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Law Educator, Esq.
Law Educator, Esq., Attorney
Category: Employment Law
Satisfied Customers: 115464
Experience:  20+ Years of Employment Law Experience
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At the age of 49 , after working same company

Customer Question

Hello. At the age of 49 , after working for the same company 26 yrs and 9 months, I was left without a job. Our company sold out and the new company cut 1/2 of the employees. I am a single woman (widowed after 29yrs of marriage) I transferred my pension to an IRA but have exhausted all the money in order to pay my bills . Is there anyway for me to avoid the penalty and just pay the taxes? Thank you, BROKE &CONFUSED
Submitted: 1 year ago.
Category: Employment Law
Expert:  Law Educator, Esq. replied 1 year ago.
Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.
I am afraid that you would have no choice at your age but to pay the penalty and taxes for the early withdrawal from the account before you reach mandatory minimum age. Unless you have excessive medical expenses that you are using the money for (which is the main exception to penalties) or you meet one of the other 5 exemptions, I am afraid the IRS will not waive that penalty. See: