HR. 329In Committee
Expanding Penalty Free Withdrawal Act
Allows certain unemployed individuals to take early qualified retirement plan withdrawals without the 10% additional tax, within time and amount limits tied to unemployment benefits
Plain-English overview
What this bill does
Allows certain unemployed individuals to take early qualified retirement plan withdrawals without the 10% additional tax, within time and amount limits tied to unemployment benefits
Key points
- Limit exempt withdrawal amounts
- Allow penalty free withdrawals
- Expand retirement plan tax exception
Current status
Where it stands
Status
In Committee
Latest action
2025-01-09 — Referred to the House Committee on Ways and Means.
Related context
Topics and policy areas
undefinedEmployee benefits and pensionsIncome tax deferralIncome tax exclusionIncome tax ratesTaxationUnemployment