If you’re thinking about tapping into your 401(k) or IRA before age 59-1/2 because you have a serious financial need (e.g., cash flow crunch in your business), think twice. A recent Tax Court case reminds us that there’s no exception from the 10% penalty for financial hardship (e.g., avoiding foreclosure on a home). Penalty exceptions are listed by the IRS.
Did you know … there are more new posts on my blog each and every week? Yes, you’ll find critical updates, practical help and essential information to assist you in your small business today!
