Exempt unemployed workers from 10% penalty for withdrawals from qualified retirement plans retroactive to 2008 tax year.

During the recent recession and continuing today, many displaced (unemployed/under employed) workers have been forced to withdraw funds from their qualified retirement plans. The vast majority of these withdrawals have been to make ends meet, pay mortgage payments, health insurance premiums, put food on the table, etc. Unfortunately, the IRS assesses a 10% penalty on these withdraws which can leave a struggling family a monumental tax bill. This petition seeks to waive the penalty for citizens who can prove that they were unemployed through no fault of their own, and had no other assets on which to draw upon, retroactive to the 2008 tax year and up to and including 2012.