Cami (age 52 and married) was recently laid off as part of her employer’s reduction in workforce program. Cami’s annual AGI was usually around $50,000. Shortly after Cami’s employment was terminated, her employer distributed the balance of her employer-sponsored 401 (k) account to her. What could Cami do to avoid being assessed the 10 percent early distribution penalty?
Cami (age 52 and married) was recently laid off as part of her employer’s reduction in workforce program. Cami’s annual AGI was usually around $50,000. Shortly after Cami’s employment was terminated, her employer distributed the balance of her employer-sponsored 401 (k) account to her. What could Cami do to avoid being assessed the 10 percent early distribution penalty?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Cami (age 52 and married) was recently laid off as part of her employer’s reduction in workforce program. Cami’s annual AGI was usually around $50,000. Shortly after Cami’s employment was terminated, her employer distributed the balance of her employer-sponsored 401 (k) account to her. What could Cami do to avoid being assessed the 10 percent early distribution penalty?
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