IRS Circular 230 Disclosure: American Century Companies, Inc. and its affiliates do not provide tax advice. Accordingly, any discussion of U.S. tax matters contained herein (including any attachments) is not intended or written to be used, and cannot be used, in connection with the promotion, marketing or recommendation by anyone unaffiliated with American Century Companies, Inc. of any of the matters addressed herein or for the purpose of avoiding U.S. tax-related penalties.
This information is for educational purposes only and is not intended as tax advice. Please consult your tax advisor for more detailed information or for advice regarding your individual situation.
Note that some penalties and taxes on early withdrawals were eased in 2020 under the CARES Act. Most of these exemptions ended in 2021, though some who live where a major disaster has been declared can take up to $100,000 from a retirement account through a loan or withdrawal without penalty.