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 ?
For the foregoing reasons, Tax Executives Institute respectfully recommends that the Joint Committee on Administrative, Executive, and Legislative Review withdraw its grant of emergency status for the Board of Public Works' procurement regulations and, indeed, to conclude that the regulations themselves should be withdrawn.
Withdrawn TIPs may be reinstated by any TAPPI members interested in the subject area covered by the document.
The IRS's inability to fashion a bright-line test in this area only underscores why the revenue ruling should be withdrawn.
Class B11 (76113RAJ3) affirmed at 'Dsf' and withdrawn.
The following TIPs have been withdrawn due to lack of progress in their review:
Banco Inbursa: --Long-term Issuer Default Rating (IDR) at 'BBB' and withdrawn; --Short-term IDR at 'F2' and withdrawn; --Long-term local currency IDR at 'BBB' and withdrawn; --Short-term local currency IDR at 'F2' and withdrawn; --Viability rating at 'bbb' and withdrawn; --Support rating at '4' and withdrawn; --Support rating floor at 'B' and withdrawn; --Long-term national-scale rating at 'AA+(mex)' and withdrawn; --Short-term national-scale rating at 'F1+(mex)' and withdrawn.
Withdrawn Test Methods may be reinstated by the Standard-Specific Interest Group for that method.
Thus, no disposition of the asset is necessary to claim a loss Instead, the taxpayer must show that - the asset was prematurely an permanently withdrawn from business use; and - the withdrawal was due to: 1.
Class B-1F (178779CN2) downgraded to 'Csf' from 'Bsf/LS5' and withdrawn.
The following Technical Information Paper (TIP) has been withdrawn by recommendation of the Fiber Raw Material Supply Committee:
91-4, the maximum amount that may be withdrawn is the excess of the amount contributed over the amount that would have been contributed had the contribution been limited to the amount deductible after any disallowance by the Service.
s Student Loan Trust 1998-1 and 2005-1 are being withdrawn.