By The Honorable William Houston Brown (Retired)
Ten percent penalty for early withdrawal from IRA was not priority claim. The primary purpose of Congress in imposing 10% penalty for early withdrawal from IRA was to discourage early withdrawals, not to support the government fisc or to compensate the government for any actual pecuniary loss, and the 10% penalty was not a priority claim in the Chapter 13 case under § 507(a)(8)(G). Bradford v. United States (In re Bradford), 534 B.R. 839 (Bankr. M.D. Ga. 2015).
The Honorable William Houston . . .
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