TheStreet + TurboTax Present: A Comprehensive Guide to Early Withdrawal from 401k and IRA for Tax Year 2022
It's important to understand the tax implications of withdrawing money early from your retirement accounts. CPA and TurboTax tax expert Lisa Greene-Lewis is here with what you need to know. TurboTax Home: TurboTax Support: TurboTax Blog: TurboTax Twitter: TurboTax Facebook: TurboTax Instagram: TurboTax Pinterest: TurboTax Tumblr: ~~~ Video Transcript ~ Title : 2022 Tax Tips: A Guide to 401k and IRA Early Withdrawal - Presented By TheStreet + TurboTax - [MUSIC PLAYING] TRACY BYRNES: All right, so it's inevitable. Life happens and we dip into our retirement accounts. But is it a good idea and are there tax implications? Lisa Greene-Lewis, CPA and TurboTax expert is here with us right now. OK, so what happens if I need the money, Lisa, and I dip into an IRA or a 401 ? LISA GREENE-LEWIS: Yeah, so if you withdraw from your IRA or 401 and you're younger than 59 and 1/2, you will incur an additional 10% tax in addition to whatever your ordinary tax rate is w