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