If You Make a Withdrawal from an IRA Account Before

question 111

True/False

If you make a withdrawal from an IRA account before age 57 1/2,you generally owe a 20% penalty on that amount.

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Definitions:

Control

The power to influence or direct the behavior of people or the course of events.

Conceptual Framework

An underlying structure in accounting that guides the development of standards and the preparation of financial statements.

Equity

The value of an owner's interest in a property, minus the liabilities tied to the property.

Independent

Free from external control or influence; not depending on another's authority.