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No Penalty for Early Retirement Withdrawals Up to $10,000

New rules allow a one-time withdrawal of up to $10,000 from retirement plans without an early withdrawal penalty. This means citizens can access a portion of their retirement savings in emergencies without extra costs. The change applies to distributions made after the act's enactment.
Key points
You can withdraw up to $10,000 from your retirement account without an additional early withdrawal penalty.
The $10,000 limit applies to the total amount withdrawn from all retirement plans over a 5-year period.
Changes are effective for distributions made after the act's enactment.
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Additional Information
Print number: 118_HR_2637
Sponsor: Rep. Santos, George [R-NY-3]
Process start date: 2023-04-17
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

To amend the Internal Revenue Code of 1986 to waive the early withdrawal penalty on certain distributions from qualified retirement plans.

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_2637.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2023-04-17.

What are the main provisions?

Key points include:

  • You can withdraw up to $10,000 from your retirement account without an additional early withdrawal penalty.
  • The $10,000 limit applies to the total amount withdrawn from all retirement plans over a 5-year period.
  • Changes are effective for distributions made after the act's enactment.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Santos, George [R-NY-3].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Ways and Means.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-25.

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