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Withdrawal |
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Withdrawal A transaction in which a customer receives back money he/she had previously deposited at a bank, pension, or trust. When one makes a withdrawal on a pension or similar plan, it may carry a penalty depending on the pension's rules. For example, one must usually be of a certain age in order to make a withdrawal. There is rarely such a penalty when making a withdrawal from a bank. For instance, when one closes an account, the client makes a withdrawal on all the money he/she owns at that bank. Withdrawal. A withdrawal is money you take out of your banking, brokerage firm, or other accounts. If you withdraw from tax-deferred retirement accounts before you turn 59 1/2, you may owe a 10% early withdrawal penalty plus any income tax that's due on the amount you've taken out. In everyday usage, the term withdrawal is used interchangeably with distribution to describe money you take from your tax-deferred accounts, though distribution is actually the correct term. Want to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit the webmaster's page for free fun content. |
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