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Did you know pulling money out of your retirement account is NOT the same as taking a distribution?  Depending on what happens and what you NEED your retirement account funds for, your tax hit could drop from 39% to as low as 0%!  From disaster relief to first-time home buyers and even college expenses there are many exemptions that allow you to take money out of your retirement accounts potentially tax-FREE and PENALTY free!!

Derreck, the “Tax Nerd” from Quest Financial returns (see Episode 15) to drop several knowledge bombs about the retirement account world.

Helpful Resources:

IRS Pub 590-B

72(t)

5498 Form and 8606 Form

NIA tax

Fidelity – which I personally use for my Roth IRA

Secure Act 2.0

Connect with Derreck

855-FUN-IRAS (855-386-4787)

[email protected]

Quest Trust

Show Sponsors

Specialized Trust

Lightbulb Podcasting

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