IRS Seeks Input on Early Retirement Withdrawal Tax Forms
Published Date: 6/24/2026
Notice
Summary
The IRS wants your thoughts on how it collects info from people asking to skip the 10% extra tax on early withdrawals. If you deal with retirement accounts, this could affect you by making paperwork clearer and easier. Comments are due by August 24, 2026, so don’t miss your chance to weigh in and help save time and hassle!
Analyzed Economic Effects
2 provisions identified: 0 benefits, 2 costs, 0 mixed.
Paperwork for early-distribution exceptions
If you take an early withdrawal from a retirement plan and want to avoid the 10% additional tax under section 72(t), you may need to provide certifications for exceptions such as terminal illness, emergency personal expenses, domestic abuse, or qualified long-term care distributions. The collection is under OMB Control No. 1545-2317, and the IRS estimates 225,650 responses with time per response ranging from 3 minutes up to 3 hours and a total annual burden of 11,825 hours.
New recordkeeping for issuers and plan admins
Issuers of certified long-term care insurance, plan administrators, and other for-profit organizations must follow new third-party disclosure and recordkeeping requirements for issuer disclosures and long-term care premium statements under IRS Notice 2026-33. The IRS is adding these collection requirements to OMB Control No. 1545-2317, which increases the burden estimates by 150 responses and 450 hours.
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