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 https://choicetaxrelief.com/

Mentioned Video Link:
-IRS Statute of Limitations on Collections Explained in Full by a CPA: https://www.youtube.com/watch?v=gPnPyRRCX_M

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

Видео Does the 401(k) Early Withdrawal Penalty Fall Off After 10 Years? канала Logan Allec