Can I avoid the early withdrawal penalty? Posted on March 12, 2011

IRS penalty is $ 5000. Why is a hardship withdrawal being penalized? since my wife was 70 1/2 when I withdrew this money , can I avoid at least half of that penalty. After all they say she has to start withdrawing from any retirement fund. The IRS told me , my 401 k is not in my wife's name. I still say half belongs to her.

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