Does the 401(k) Early Withdrawal Penalty Fall Off After 10 Years?

You made the decision over to take money out of your 401(k) early and got hit with the 10% additional tax (A.K.A. "the 401(k) early withdrawal penalty") on Form 5329. Does this penalty fall off after 10 years just like other tax debt? I get into it in this video!
Do you have tax debt? Call us at 866-8000-TAX or fill out the form at choicetaxrelief.com/
Mentioned Video Link:
-IRS Statute of Limitations on Collections Explained in Full by a CPA: • IRS Statute of Limitat...
Table of Contents:
0:00 Did You Pull Out of Your 401(k) Early?
0:13 What is a 401(k)?
0:36 What is a 457(b) Plan?
0:53 What Happens if You Take Money Out of Your 401(k) Early?
1:23 Exceptions to the 10% Additional Tax
2:10 Does the 401(k) Early Withdrawal Penalty Fall Off After 10 Years?
3:33 When Does the IRS's 10-Year Time Limit to Collect Start?
4:47 Tolling Events That Can Extend the IRS's 10-Year Time Limit to Collect
#401k #IRS #Taxes #Tax

[@CaroleLafave-gi1om]

Happy 2024 to your family

[@LoganAllec]

Thank you!

[@louishall3700]

Is it better to let the money grow in the 401k if you plan on retiring early. Im doing 20,,% now, but i don't plan on working to 59. Is there a breakpoint where the 401k early withdrawal will outperform a 15% tax rate, from just classic buffer style holding.

[@user-vm4jj3cw1x]

Can you file bankruptcy on your Texas

[@HavingCoffieWithMrSatan]

Mr Satan said the reeeeee

[@LoganAllec]

hello sir

[@juicyfruit100x]

457b doesnt have a 10% penalty for early withdrawal before 59.5. This rocks.