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.

References in periodicals archive ?
736(a) treatment for payments made in consideration of unrealized receivables, if such payments were made to withdrawing partners who were general partners in a service partnership.
736 is that a sale is a transaction between a third party or the continuing partners individually and the withdrawing partner, while a liquidation is a transaction between the partnership as such and the withdrawing partner.
When you take distributions from a Roth IRA, you are first withdrawing your contributions, then earnings.
San Antonio was withdrawing his proposal, the board of directors determined that it would not be in the best interests of the shareholders to explore other alternatives, and the special committee of the board of directors which had been formed to review Mr.
As a result of those consolidations, Fitch Ratings is withdrawing the ratings of several subsidiaries which have been merged into the lead bank, Bank One, NA.
OTC BB: XDSL), the leading designer of innovative solutions for the delivery of broadcast digital television and high-speed data solutions over copper wires, announced that its withdrawing its registration statement filed December 19, 2002 from the Securities and Exchange Commission (SEC) in connection with a rights offering to its shareholders.