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I decided to retire at 57. I have no income, and would like…

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I decided to retire...

I decided to retire at 57. I have no income, and would like to begin withdrawing from a 403(b) plan to purchase a home and use for living expenses. Am I still subject to the 10% early withdrawal penalty? This is not a first-time home purchase. Thanks -

Submitted: 2 years ago.Category: Tax
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Answered in 3 minutes by:
2/17/2016
Tax Professional: Lev, Tax Advisor replied 2 years ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 32,860
Experience: Taxes, Immigration, Labor Relations
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In general - yes - because you are below 59 1/2.

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Tax Professional: Lev, Tax Advisor replied 2 years ago

However - there are some exemptions you might be eligible to use.
Specifically,

section 72(t)(2)(A)(v) allows such exemption for the employee who separates from service during or after the year the employee reaches age 55 (age 50 for public safety employees of a state, or political subdivision of a state, in a governmental defined benefit plan).

Let me know if you need any help with reporting.

Otherwise,

I appreciate if you take a moment to rate the answer.
Experts are ONLY credited when answers are rated positively.
If you still have any doubts, need clarification - please be sure to ask.
I am here to help you with all tax related issues.

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