Legal Question in Tax Law in Massachusetts

I was employed at a public university in Massachusetts I was recently terminated and have the option of taking a refund that will be taxed at 20% and possibly a penalty for early withdrawal Would I be able to avoid the penalties by claiming my unemployment has forced me to take the early withdrawal


Asked on 7/23/13, 4:42 am

1 Answer from Attorneys

Unfortunately no. There may be some exceptions such as being disabled or a loan for a home etc. But I am aware of nothing that helps in taking money from retirement early unless it specifically falls under a federal law exception.

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Answered on 7/23/13, 11:54 am


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