Examples of Federal penalty tax in a sentence
In addition, a 10% Federal penalty tax on the earnings may apply on withdrawals made before age 59-1/2.
Federal penalty tax on Federal Non-Qualified Withdrawals Additionally, to the extent a distribution is a Federal Non- Qualified Withdrawal, the federal income tax liability of the recipient will be increased by an amount equal to 10% of any earnings portion of the withdrawal distribution.
Subject to certain exceptions, distributions from the Plan made before you attain age 59½ are subject to regular income taxes plus a 10% Federal penalty tax.
Any loan not repaid within the specified timeframe will be considered default.Defaulted loans are treated as a distribution from the 403(b), and may be subject to ordinary income taxes and a 10% Federal penalty tax if prior to age 59 ½.
The individual acknowledges that this withdrawal may involve a 10% Federal penalty tax on the taxable amount withdrawn, in addition to the inclusion of the taxable amount in income for the year the withdrawal is received.
Effective 1/1/07 – The 10% Federal penalty tax will be waived when you receive a lump sum distribution, if made to you because of your separation from service after attaining age 50 and you were a safety member who provided police protection, firefighting service or emergency medical services.
Do you expect to make anywithdrawals from the contract during this period that will result in a surrender charge being imposed?❒ Yes ❒ No (Note: Withdrawals before age 59 ½ may be subject to Federal/State income tax as well as an additional 10% Federal penalty tax.) EF-1480-IExpiration Date: 17.
You may be subject to a 10% Federal penalty tax if you make withdrawals or surrender your annuity before age 59½.
The modelling was based on assumptions about the level of programming expenditure and the proportion of expenditure on events that was spent locally.
Free withdrawals may be subject to the 10% U.S. Federal penalty tax if made before you reach age 59 1/2.