Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

This answer was rated:

Is there a penalty exception for a divorced spouse receiving…

Is there a penalty exception...
Is there a penalty exception for a divorced spouse receiving the other spouse's retirement distribution as part of the divorce?
Show More
Show Less
Ask Your Own Tax Question
Answered in 3 minutes by:
3/8/2018
Carter McBride
Carter McBride, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1,032
Experience: Adjunct Professor
Verified

Hey! I'm Carter, I'm a CPA and can help you out.

There is no penalty as long as you keep the amounts in a retirement account. So, your spouse can transfer the funds from his retirement account to yours with no penalty. Once they hit your account, if you take them out, there would be no applicable exception to the 10% penalty.

Let me know if you need anything else. If not, please leave a rating. Thanks!

Carter McBride
Carter McBride, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1,032
Experience: Adjunct Professor
Verified
Carter McBride and 87 other Tax Specialists are ready to help you
Ask your own question now
Customer reply replied 1 month ago
Thanks!
Was this answer helpful?
Ask Carter McBride Your Own Question
Carter McBride
Carter McBride
Carter McBride, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1,032
1,032 Satisfied Customers
Experience: Adjunct Professor

Carter McBride is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,451 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

56 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,124 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Related Tax Questions
I'm the Successor Trustee - in charge of distributing the
I'm the Successor Trustee - in charge of distributing the Trust's income to the income beneficiaries. The trust is supposed to distribute the "income" - on an annual basis. The question becomes what %… read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
916 satisfied customers
Is there a deduction for using IRA funds to make a divorce
Is there a deduction for using IRA funds to make a divorce settlement payment? … read more
Bill
Bill
Master's Degree
2,278 satisfied customers
I got $50,000 from my divorce from his retirement. It was
I got $50,000 from my divorce from his retirement. It was put in an IRA which I tried to stop it. I was planning on spending it right away on my house. I was told taking it out as a QUADRO it would on… read more
Dr. Arthur Rubin
Dr. Arthur Rubin
Doctoral Degree
172 satisfied customers
I am and executor for an estate. Funds were distributed,
I am and executor for an estate. Funds were distributed, some in 2017 and some in 2018. I need to know if I need to file taxes for this year or next, since all tax liability should be passed to the be… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,048 satisfied customers
How do I exclude my 1099-R early retirement distributions
How do I exclude my 1099-R early retirement distributions from tax and penalty (under 10k distributed) that went towards a first home purchase? What's the form that exempts this distribution from inco… read more
keeperumiami
keeperumiami
Sr Financial & Tax Consultant
Bachelor\u0027s Degree
1 satisfied customers
Is a IRA distribution in a divorce settlement taxable to the
Is a IRA distribution in a divorce settlement taxable to the spouse receiving the distribution?… read more
abci168
abci168
Principal
27 satisfied customers
I have 2017 Disaster Retirement Plan Distribution from IRA
I have 2017 Disaster Retirement Plan Distribution from IRA in the amount of $22,769.00. Due to Tax relief for victims of disaster, I chose to pay 1/3 of the amount ($7589.00) and I got taxed on that a… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Is a required minimum distribution considered a pension
Is a required minimum distribution considered a pension payment? … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,124 satisfied customers
If a divorced man is retired at 60 and has a 17 year old
If a divorced man is retired at 60 and has a 17 year old child who is receiving a SSA-1099 as family benefits for the child. It is in his name. Are those benefits taxable to him, the child or not at a… read more
abci168
abci168
Principal
27 satisfied customers
I am a retired (since 2017, age 55) man getting divorce in
I am a retired (since 2017, age 55) man getting divorce in Texas and I am living off my IRA and 401k. My wife still works and also have a 401k. I have done very well the last year in the stock market.… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Using IRA distributions for higher education is one of the
Using IRA distributions for higher education is one of the exceptions to the 10% early withdrawal penalty. I assume a SEP IRA is included in that, correct?… read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
I am retired, newly divorced and filing single for the first
I am retired, newly divorced and filing single for the first time this year. … read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
916 satisfied customers
If a couple is divorced and the husband in his divorce
if a couple is divorced and the husband in his divorce papers it is stated that the wife can claim 0ne child and the other child to be claimed by the father. the child the mother claimed has turned 19… read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
If a couple is divorced and the husband in his divorce
if a couple is divorced and the husband in his divorce papers it is stated that the wife can claim 0ne child and the other child to be claimed by the father. the child the mother claimed has turned 19… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,124 satisfied customers
I received 2 distribution checks from my 401k. I retired
I received 2 distribution checks from my 401k . I retired late 2017 I received the checks January 2018 when do I include in my taxes? … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,124 satisfied customers
Geetings- RE: Equitable distribution and distributive award.
Geetings-RE: Equitable distribution and distributive award.E.D. Judgment: marital home is over-valued. . Broker uses the courts over-valued sales price. . 5 five months later broker recommends $75K sa… read more
Patrick Mullis
Patrick Mullis
Masters
18 satisfied customers
Received a CP2000 from IRS on Retirement distributions I am
Received a CP2000 from IRS on Retirement distributions I am 54 years old and closed my retirement accounts when I became disabled I am on SSDI now and didn't think I had to pay the 10% penalty… read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
I'm getting divorced; my 401K and my retirement accumulation
I'm getting divorced; my 401K and my retirement accumulation plan, which haven't yet vested and have a combined balance of $10K, are ruining the division of assets strategy. There's $7K in the 401K an… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x