Common use of Premature Distributions Clause in Contracts

Premature Distributions. If you are under age 59 ½ and receive a “non- qualified” distribution from your ▇▇▇▇ ▇▇▇, a 10% additional income tax will apply to the taxable portion (generally the earnings portion) of the distribu- tion unless the distribution is received due to death; disability; a qualifying rollover distribution; the timely withdrawal of the principal amount of an excess; substantially equal periodic payments; certain medical expenses; health insurance premiums paid by certain unemployed individuals; qualified higher education expenses; qualified first time homebuyer expenses; due

Premature Distributions. If you are under age 59 ½ 1/2 and receive a “non- qualified” "nonqualified" distribution from your ▇▇▇▇ ▇▇▇, a 10% additional income tax will apply to the taxable portion (generally the earnings portion) of the distribu- tion distribution unless the distribution is received due to death; disability; a qualifying rollover distribution; the timely withdrawal of the principal amount of an excess; substantially equal periodic payments; certain medical expenses; health insurance premiums paid by certain unemployed individuals; qualified higher education expenses; or qualified first time homebuyer expenses; due.