IRS Penalties
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IRS Penalties
What's the difference between the Mafia's collection process and the IRS's? The Mafia doesn't send out written delinquency notices. But there is one thing they both have in common - the ability to instill fear!
Taking money out of a tax-deferred retirement plan before age 59 1/2 can result in a 10% penalty of the amount distributed.
Generally, distributions 401before age 59 1/2 are subject to a 10% early distribution penalty. However, there are exceptions.
Penalties may be reduced or removed completely for reasonable cause. To request a penalty reduction, send a statement to the IRS explaining the facts. You, or your representative, with a power of attorney, must sign your statement under penalty of perjury.
Unlike IRS penalties, where the IRS is permitted to remove or reduce a penalty based on reasonable cause, the law does not permit the IRS to remove or reduce interest based on reasonable cause. However, there is a situation when the IRS will remove interest.