There may be penalties for taking early withdrawals from your 403(b). The IRS imposes a 10% excise tax on distributions taken before the age of 59 ½. This is considered an early withdrawal. There are few exceptions to this rule. Withdrawals taken after the age of 59 ½ are not subject to any penalty. If you have questions on excise tax or the exceptions, please contact us. 

For more information regarding taxes associated with taking an early withdrawal, click here for more information.