Qualified Reservist

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Dictionary Says

Definition of 'Qualified Reservist '

A member of the military reserve who is not actively serving but may be called to duty and who is eligible to make an early withdrawal from his/her individual retirement account (IRA) without incurring the usual early distribution penalty. Under most circumstances, the IRS imposes a penalty of 10% on the taxable amount withdrawn from a retirement account by a taxpayer younger than 59.5 years old.
Investopedia Says

Investopedia explains 'Qualified Reservist '

To qualify for this exception, the reservist must be called to active duty for more than 179 days and the withdrawal must occur while the reservist is serving on active duty. These early withdrawals may still be subject to state and federal taxes.
Search results for

'Qualified Reservist '

  • Pension Protection Act Of 2006 Becomes Law

    http://www.investopedia.com/articles/retirement/06/ppa2006.asp
    ... New Exception to the 10% Excise Tax for Qualified Reservist Called to Active Duty:
    Effective for distributions that occur after September 11, 2001 Generally ...

  • 9 Penalty-Free IRA Withdrawals

    http://www.investopedia.com/articles/retirement/02/111202.asp
    ... 9. A Call to Active Duty Qualified reservist distributions that occur after
    September 11, 2001, are not subject to the 10 % penalty. ...

  • What are the exceptions to the premature withdrawal penalty rules ...

    http://www.investopedia.com/ask/answers/09/withdrawal-penalty-exceptions.asp
    ... exceeding 7.5% of AGI; If you have qualified higher education expenses; If
    you have qualified reservist distribution; IRS tax levy on ...

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