tax law | Ed Slott and Company, LLC

tax law

Six Months of Crazy – A Summary of Recent Retirement Events

After a six-month sprint through a diabolical obstacle course of new laws, a pandemic, record unemployment, deaths, confusion and complete disruption of everyone’s professional and personal lives, this seems like a good time to recap the madness of the pr

Close is Not Enough When It Comes to the 10% Penalty

A well-known quote attributed to baseball great, Frank Robinson, says “Close doesn't count in baseball. Close only counts in horseshoes and hand grenades.” In a recent Tax Court Case, David D. Pritchard et ux. v. Commissioner; T.C. Memo. 2017-136 (July 10, 2017), the Court found the exceptions to the 10% penalty for early distributions from retirement accounts to be more like baseball than horseshoes or hand grenades. Close is not good enough!

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