10% Penalty Exceptions

All Plans

IRAs, Roths, SEPs, SIMPLE, Qualified Plans, and 403(b)s

  1. Deductible medical care expenses  (above 10% of AGI

  2. Disability

  3. Death

  4. Alternate payee under QDRO

  5. Substantially equal periodic payments (72t distributions)​​


  1. Medical insurance premiums after separation from employment (requires 12 consecutive weeks of unemployment compensation)

  2. Qualifying first-time home buying expenses up to $10,000 (lifetime limit)

  3. Qualified higher education expenses for taxpayer, spouse, child, or grandchild

Qualified Plans and 403(b)s only

  1. Separation from service after reaching age 55

These materials have been independently produced by Summit Financial Wealth Advisors.
Summit Financial Wealth Advisors is independent of, and has no affiliation with, Schwab Wealth Investment Advisory, Inc. (“SWIA”), Charles Schwab & Co.,Inc. (“CS&Co”), or any of their affiliates (together, “Schwab”). Schwab has not created, supplied, licensed, endorsed, or otherwise sanctioned these materials nor has Schwab independently verified any of the information in them. Institutional
Intelligent Portfolios™ is an automated investment management service for independent
advisors sponsored by SWIA and available exclusively through independent investment
advisory firms like Summit Financial Wealth Advisors. Summit Financial Wealth Advisors, not Schwab, is responsible for advising you on the Program, including recommending and selecting a portfolio appropriate for you and managing your portfolio on a discretionary basis. Your portfolio will be held in a brokerage account at CS&Co. “Institutional Intelligent Portfolios” is a trademark of Charles
Schwab & Co., Inc.

Summit Financial Wealth Advisors is an independent firm with securities offered through Summit Brokerage Services, Inc., Member FINRA, SIPC, Charles Schwab & Co., Inc., Member SIPC and TD Ameritrade, Inc., Member FINRA/SIPC. Advisory Services offered separately through Summit Financial Wealth Advisors, a Registered Investment Adviser.

Check out the backgrounds of our investment professionals on FINRA's BrokerCheck.

326 Heymann Blvd. Lafayette, LA

Office: 337-232-1141

Fax: 337.232.1137   

712 Celebrity Dr. Ruston, LA

Office: 318-255-1005

Fax: 318-255-1005

1890 Hudson Circle Suite 1. Monroe, LA

Office: 318-323-3752

Fax: 318-387-4511

6425 Youree Dr. Ste 285. Shreveport, LA


Fax: 318-387-4511

© Copyright 2018 Summit Financial Wealth Advisors