Early IRA Distributions

Early IRA Distributions are generally subject to a 10% penalty in addition to normal Federal and State Income Tax (retirement distributions are not taxable in Illinois but this varies in other states). The Distribution can also affect deductions and credits due to having higher income. We can prepare a tax estimate for your 2018 tax return liability to to get a better idea of the impact of an IRA distribution.

The following links can provide more information including exceptions for 10% penalty.