The IRS on Thursday issued guidance on exceptions to an additional tax on early retirement plan distributions for emergency personal expenses and for domestic abuse victims.
A 2022 law known as the SECURE 2.0 Act added these exceptions to the 10% additional tax.
In Notice 2024-55, the IRS provided definitions and outlined limitations to the exceptions.
The IRS said it is seeking comments on the notice and is planning to issue regulations about the 10% additional tax and exceptions to the tax.
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