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 Withdrawals. Some plans allow you to withdraw money from your 401(k) before you reach age 59 Â½ in the case of certain hardships. This allows you to access the money in your account to pay medical bills, pay college expenses, buy a first home, avoid eviction or pay for a funeral.