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Abolish the 10% Early Withdraw Penalty on 401K
Petition Background (Preamble):
People are left with few choices, and one of those is to withdraw from their retirement account (401K.IRA). When this is done they have to pay taxes on this money as well as a 10% penalty for early withdraw. This petition was created to have President Obama revisit his promise to not only reduce the penalty but to eliminate it all together.
This petition is not requesting that the tax be eliminated because these funds were deposited without being taxed in the first place. This petition is also requesting that this be retroactive to 2008 when President Obama first considered this change.
Eliminate the 401K Penalty for Early Withdraw.
The Abolish the 10% Early Withdraw Penalty on 401K petition to United States Government, President Obama and Congress was written by Scott Leanza and is in the category Politics at GoPetition. Contact author here. Petition tags: 401k penalty, early withdraw penalty, 401k 10% penalty, eliminate 401k penalty, ira early withdraw, 10% penalty, early withdraw, how not to pay 10% penalty