Two Days In A Librarianâs Life www.voicesforthelibrary.org.uk Librarians have varied and interesting jobs! This librarian works 15 hours per week in a Local Studies post, and has shared with us the enquiries they researched and responded to, with the help of one assistant, in just two days last week...
With a few exceptions, early withdrawals from traditional or Roth IRAs generally incur a tax penalty equal to 10% of the taxable amount. To calculate the penalty on an early withdrawal, simply multiply the taxable distribution amount by 10%. An early distribution of $10,000, for example, would incur a $1,000 tax penalty.
A $10,000 withdrawal will result in a penalty of $1,000, while a $50,000 withdrawal triggers a $5,000 early withdrawal tax. The simplest way to avoid the IRA early withdrawal penalty is to wait until age 59 Â½ to begin withdrawing money from your IRA.