All of the following statements are true regarding the IRS early withdrawal penalty for nonqualified annuities, EXCEPT:

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All of the following statements are true regarding the IRS early withdrawal penalty for nonqualified annuities, EXCEPT:

a. The penalty applies to withdrawals made prior to age 59 1/2.

b. If an early withdrawal is made, the penalty applies in addition to ordinary taxes on the taxable portion of the withdrawal.

c. The IRS early withdrawal penalty is 20%.

d. Early withdrawals are subject to the IRS early withdrawal penalty.

Answer: c. The IRS early withdrawal penalty is 20%.

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