Taking money from your retirement plan? If not met, Traditional and Roth IRA funds may be subject to the IRS early withdraw penalty of 10 percent.Provides for special distribution options and rollover rules for retirement plans and IRAs and expands permissible loans from certain retirement plans. Most retirement plan distributions are subject to income tax and may be subject to an additional penalty if you take an early withdrawal. Complete Form W-4R to have payers withhold the correct amount of federal income tax from your nonperiodic payment or eligible rollover distribution from an. If you have any questions about completing this form, please call us toll-free at (800) 221 5672, Monday through Friday, a.m. The age you are required to begin taking RMDs increased to 73 at the beginning of 2023.