Unfortunately there isn't one with a few exceptions.
Exceptions: There are several exceptions to the age 59½ rule. Even if individuals
receive a distribution
before they are age 59½, they may not have to pay the 10% additional tax
if they are in one of the following situations.
- They receive a distribution from a retirement plan
(other than an IRA) after leaving a job and are age 55 (age 50 for qualified public safety employees).
- They have unreimbursed medical expenses
that are more than 7.5% of their adjusted gross income
- The distributions are not more than the cost of their medical
insurance (IRA only).
- They are disabled.
- They are a beneficiary
of a deceased plan participant or IRA owner.
- They are receiving distributions in the form
of an annuity.
- The distributions are not more than their qualified higher education expenses (IRA only).
- They use the distributions to buy, build or rebuild a first home (IRA only, and limited to $10,000).
- The distribution is due to an IRS
- The distribution is a qualified reservist distribution.
- The distribution is made to an alternate payee under a QDRO.
- They are receiving a distribution timely made to reduce excess contributions under a 401(k) plan.
- They are receiving a distribution timely made to reduce excess employee or matching employer contributions (excess aggregate contributions).
- They are receiving a distribution timely made to reduce excess elective deferrals.
- They are receiving a permissible withdrawal from an EACA