Qualified Retirement Plan

About Qualified Retirement Plan:

for purposes of the tax on early distributions:

1. a qualified employee retirement plan, 2. a qualified annuity plan, 3. a tax-sheltered annuity plan for employees of public schools or tax-exempt organizations, or.

4. an individual retirement account.

Distributions from a qualified retirement plan received by a taxpayer before reaching age 59'/2 are subject to a tax of 10% in addition to the regular income tax. Former IRC (check if this IRC provision is current here) §§401, 402, 404.

See also the entries Income Tax and State Income Tax in the American Encyclopedia of Law.