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The 10% early withdrawal penalty tax are you younger than age 59 and a half and planning to withdraw money from your TSP account then you need to know about the IRS 10% early withdrawal penalty tax this penalty applies to any taxable portion of a TSP distribution that you do not transfer or rollover to an individual retirement arrangement IRA or eligible employer plan so it could apply to a financial hardship withdrawal that you take while still employed with the federal government to a partial or full withdrawal that you take after you've separated from servants or to an unpaid TSP loan balance that has declared a taxable distribution just remember that the early withdrawal penalty tax is in addition to any regular income tax you may owe on your distribution the good news there are some exceptions to the early withdrawal penalty tax let's take them one at a time if you separate from Federal service during or after the year you reach age 55 you will not have to pay the 10% penalty tax at all even on amounts that you do not transfer or rollover for Public Safety employees covered by the defending Public Safety employees retirement Act of 2022 this is lowered to the year you turn age 50 consult your employing agency or service if you have questions about whether this applies to you here's another exception if you are younger than age 59 and a half when you separate from service and take TSP payments spread over your life expectancy you will not have to pay the 10% penalty tax as long as you continue the payments for five years and turn 59 and a half before changing your payment type the same is true on any annuity payments you receive when you use any portion of your TSP account for a life annuity let's review several other exceptions the 10% early withdrawal penalty tax does not apply to eligible refunds of automatic enrollment contributions payments made as a result of your total and permanent disability or death distributions from beneficiary participant accounts payments ordered by a domestic relations court payments you receive in a year in which you have deductible medical expenses that exceed 7.5 percent of your adjusted gross income or Roth contributions and qualified Roth earnings are you a member of the uniformed services then you should also know that any portion of a TSP distribution that is made up of contributions from pay you earned in a combat zone is not subject to the 10% early withdrawal penalty tax furthermore if you are an eligible reservist call to duty for more than 179 days you may be exempt from having to pay the additional tax on a TSP distribution if you are in this category please refer to our tax notice important tax information about payments from your TSP account still have questions the TSP is happy to help you visit our website at wwlp.com or you.