Any CPA's/FA's/tax experts out there? QDRO question!

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2014-01-09 2:55 PM

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Chicago, IL
Subject: Any CPA's/FA's/tax experts out there? QDRO question!

I'm reassigning a significant chunk of my retirement fund to my ex-wife as part of the divorce settlement, via a QDRO.

Can she withdraw/close out the fund without incurring any withdrawal penalty?

My plan provider assured me that any money transfered over can be withdrawn as cash. It's subject to regular income taxes, but it's NOT subject to the usual 10% withdrawal penalty for withdrawing before the age of 59 1/2.

I'm looking for specific documentation supporting this, but the plan summary isn't clear enough for my liking, and IRS.gov isn't much better.

Any guidance would be greatly appreciated!

Yours,
Unlucky in Love.

2014-01-10 12:44 PM
in reply to: 0

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Olive Branch, MS
Subject: RE: Any CPA's/FA's/tax experts out there? QDRO question!
Correct. No 10% EWD penalty. Search IR Code section 72(t).

Edited by stateu 2014-01-10 12:44 PM
2014-01-10 12:45 PM
in reply to: stateu

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Extreme Veteran
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100100100252525
Olive Branch, MS
Subject: RE: Any CPA's/FA's/tax experts out there? QDRO question!
Any lump sum distribution under a QDRO is also subject to an income average which may further reduce the tax burden.
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