what is irs publication 590 b 
irs publication 590 b explains the tax implications of withdrawing money from any type of individual retirement account ira before or after retirement it specifies when you can t withdraw money without paying a penalty and when you must withdraw money the publication includes three chapters several appendixes and worksheets to assist the taxpayer publication 590 a covers the tax rules for contributing to retirement accounts understanding irs publication 590 bthere are several types of iras including the traditional ira and the roth ira the sep and the simple ira but the biggest distinction is between the traditional and the roth ira an ira distribution for higher education expenses or a first time home purchase isn t subject to the 10 early withdrawal penalty 2irs publication 590 b is organized to explain the different tax implications of the traditional and roth types of ira accounts chapters 1 and 2 of irs publication 590 b explain all the rules for the traditional ira and the roth ira respectively chapter 1 covers when you can withdraw money and at what age you must withdraw money it also includes penalties for early withdrawals from traditional iras chapter 3 covers permitted early withdrawals used to pay for damage caused by natural disasters as of the latest irs publication 590 b for 2023 tax returns a qualified disaster recovery distribution must meet certain criteria as described in the secure 2 0 act of 2022 section 331 of the latest secure act allows victims of a qualified natural disaster to withdraw up to 22 000 from their retirement account without penalty the withdrawal is treated as gross income over three years without penalty effective as of the passage of the bill all such distributions require repayment of the money to avoid a penalty later 3an introductory section includes a table clarifying the differences between traditional and roth iras rules for required distributions taxation of these accounts and regulations for filing form 8606 for non deductible iras this is the form that must be filed to report distributions from any type of ira a later section provides general information on getting help with tax related issues appendix a is a worksheet for determining your required minimum distribution rmd and appendix b contains a life expectancy table needed to calculate rmds penalties and exemptions in publication 590 bkeep an eye on the penalties detailed in publication 590 b and the exceptions to those penalties for example most early distributions trigger a 10 penalty the penalty goes up to 25 if money is withdrawn during the first two years of participation in a simple ira 4 however a withdrawal for qualified higher education expenses or first time home purchase isn t subject to the penalty other useful irs publicationsthe irs has numerous publications explaining the ins and outs of qualified retirement plans 