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McGraw-Hill's Taxation of Individuals and Business Entities 3rd Edition by Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver
Edition 3ISBN: 9780078111068McGraw-Hill's Taxation of Individuals and Business Entities 3rd Edition by Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver
Edition 3ISBN: 9780078111068 Exercise 47
Cami (age 52 and married) was recently let go as part of her employer's reduction in force program.Cami's annual AGI was usually around $50,000.Shortly after Cami's employment was terminated, her employer distributed the balance of her employer-sponsored 401(k) account to her.What could Cami do to avoid being assessed the 10 percent early distribution penalty?
Explanation
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Distribution penalty under 401(k) plan
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McGraw-Hill's Taxation of Individuals and Business Entities 3rd Edition by Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver
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