Category Archives: Withdrawals

Paying Taxes on Amounts Withdrawn Early from Pension Funds

Posted on February 22, 2013 by

Some participants question whether they have to include money that is withdrawn early from their pension account as income in the year that it is withdrawn. The answer is simply yes. You must include as a part of your income … Continue reading →

Posted in 02 - February 2013, Form 1099, Internal Revenue Service, Retirees, Retirement Distributions, Tax Information, Uncategorized, Withdrawals | Leave a comment

Hardship Withdrawals

Posted on July 11, 2012 by

Accessing the funds in your Ministers’ Retirement Plan account prior to age 59½ is made extremely difficult by the Internal Revenue Service rules. Simply stated, the IRS says you cannot access your funds unless you have an “immediate and heavy” … Continue reading →

Posted in 07 - July 2012, Retirement Distributions, Withdrawals | Leave a comment

Possible Change to Minimum Required Distributions

Posted on April 11, 2012 by

Under current law, a participant in an employer-provided retirement plan, such as the Ministers’ Retirement Plan, who reaches the age of 70½ must begin to take at least minimum required distributions from his or her pension account unless the participant … Continue reading →

Posted in 03 - March 2012, Retirement Distributions, Tax Information, Withdrawals | Leave a comment

Stop the Leakage

Posted on July 5, 2011 by

Within the past few weeks, legislation has been proposed in the U.S. Senate that could potentially change the way participants can access their retirement accounts prior to reaching retirement age. The proposal, known as the Savings Enhancement by Alleviating Leakage … Continue reading →

Posted in 06 - June 2011, Retirement Contributions, Withdrawals | Leave a comment

Hardship Withdrawals

Posted on June 15, 2011 by

Accessing the funds in your Ministers’ Retirement Plan account prior to age 59½ is made extremely difficult by the Internal Revenue Service rules. Simply stated, the IRS says you cannot access your funds unless you have an “immediate and heavy” … Continue reading →

Posted in 06 - June 2011, Internal Revenue Service, Member Loans, Withdrawals | Leave a comment

Dealing with a Natural Disaster

Posted on May 9, 2011 by

As you have heard repeatedly, many within our extended church family in the southeastern United States have been impacted by the massive string of tornadoes that swept through our area last week. We have churches and parsonages that have been … Continue reading →

Posted in 05 - May 2011, Member Loans, Withdrawals | Leave a comment