Webster Dictionary(3.00 / 1 vote)Rate this definition: Ballad(noun) a popular kind of narrative poem, adapted for recitation or singing; as, the ballad of Chevy Chase; esp., a sentimental or romantic poem in short stanzas.
If you make an early withdrawal from a qualified retirement plan, the amount is added to your gross income (unless you meet one of the early withdrawal exceptions). As part of your gross income, you will owe tax on the distribution at your normal effective tax rate.
Early 401(k) withdrawals if you retire at 55 or later. Whether you quit, retire, or are fired, you can withdraw penalty-free money from your 401(k) if you are at least 55 when you leave the job. However, you cannot take penalty-free early withdrawals from previous employers if you left that company before you turned 55.