Individual Retirement Accounts and 401(k) Plans: Early Withdrawals and Required Distributions (CRS Report for Congress)
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| Release Date |
Revised Dec. 22, 2008 |
| Report Number |
RL31770 |
| Report Type |
Report |
| Authors |
Patrick J. Purcell, Domestic Social Policy Division |
| Source Agency |
Congressional Research Service |
| Older Revisions |
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Summary:
In the interest of encouraging workers to save for retirement, Congress hasauthorized the creation of several kinds of retirement savings plans that qualify forreduced or deferred income taxes. These plans provide a financial incentive forpeople to save, either by allowing workers and employers to deduct from income theamount they contribute to the plans or to take tax-free distributions from the plansafter they retire. This CRS Report summarizes the provisions of federal law thatgovern the taxes applicable to pre-retirement distributions from retirement accountsand the situations in which distributions must be taken in order to avoid a tax penalty.
