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![Man signing documents for a loan or payment of a debt and another pointing to the signature line and holding a pile of cash](https://www.moneytalksnews.com/workers/images/width=1920/wp-content/uploads/2024/02/09190747/shutterstock_697842550-scaled.jpg?s=13bff92a4129bb14b8ca64f2ece21f7c060cda02891aac35c71ef3164021c591)
The IRS doesn’t like when you take money out of your retirement accounts before retirement, and it normally dishes out a financial punishment for doing so. In the case of an individual retirement account (IRA), early withdrawals before age 59½ are “subject to being included in gross income plus a 10 percent additional tax penalty,” the IRS says. The same is true if you take a loan from your…
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