Free Republic

If you withdraw money from a traditional IRA or a 401(k) before age 59.5, you not only pay income taxes on the gains but a 10% early withdrawal penalty. This year, Half of Americans took from retirement savings or plan to amid pandemic, survey finds. That number will increase during 2020. The early withdrawal penalty exists to discourage raiding retirement accounts, but this year, tens of millions of people have been thrown out of work due to government-imposed shutdowns. Some of those people need to access any savings they have to pay for necessities. President Trump and congressional Republicans should...

This is a tax question for next year, not this one. I take 3 or 4 distributions from an IRA. Each time they ask me if I want taxes withheld but I say no. It's not a lot of money, less than $20k/year but at what point will the IRS start to penalize me for not paying a portion in advance? The ideal scenario would be for me to pay whatever I owe each year at tax time but I'm afraid they will fine me more than I would even owe for not paying taxes X amount of times during...