The economic situation in the U.S.A. has left many Americans unemployed through no fault of their own. Many are hanging on and waiting for the economy to improve. However, if they need to access their 401K funds they are penalized by the IRS with a fine of 10% of the fund value. It makes no sense that people are having their children drop out of school or having utilities turned off when they are sitting on savings that they cannot touch unless they are prepared to pay the penalty. We recommend that the IRS suspend this penalty to anyone unemployed for 12 months or more from 2008 until 2012 and refund any fines collected already for that period.
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