Distributions from IRAs may be subject to taxes and, if taken before age 59 1/2, a 10 percent premature distribution penalty. (homesteadfunds.com)
Section 72 (t)(1) imposes an additional tax on premature distributions from «qualified» annuity contracts (e.g., a § 403 (b) annuity contract or a § 408 individual retirement annuity) that is similar to the penalty tax imposed by § 72 (q). (toolsformoney.com)
Whatever the facts of a particular case, however, if there are retirement plan interests and either spouse is under age 59 1/2 counsel may wish to consider taking advantage of the window of opportunity afforded by the exceptions to the penalty tax on premature distributions found in Code § 72 (t). (abetterdivorce.com)