Qualified Reservist

外汇网2021-06-19 14:18:46 158

A member of the military reserve who is not actively serving but may be called to duty and who is eligible to make an early withdrawal from his/her inpidual retirement account (IRA) without incurring the usual early distribution penalty. Under most circumstances, the IRS imposes a penalty of 10% on the taxable amount withdrawn from a retirement account by a taxpayer younger than 59.5 years old.

To qualify for this exception, the reservist must be called to active duty for more than 179 days and the withdrawal must occur while the reservist is serving on active duty. These early withdrawals may still be subject to state and federal taxes.

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