Legal Question in Tax Law in Hawaii

Tax penalty on withdrawal of pension fund

Through my divorce, I was awarded a percent of my former husband's pension/annuity plan. I have an option to receive the amount in a lump sum or roll it over to an separate retirement account. Will I be penalized if I withdrawal the full amount and if so at what percentage?


Asked on 9/23/08, 6:59 pm

1 Answer from Attorneys
Michael Mandale The Mandale Law Firm, P.C.

Re: Tax penalty on withdrawal of pension fund

There are many different options for you to consider, some having immediate tax liability consequences and others bearing deferred tax liabilities and/or what would be tax-free transactions. Further, your question may be further addressed within your divorce decree/settlement/agreement.

Please contact our offices should you wish to discuss this further.

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Answered on 9/23/08, 7:08 pm


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