72(t) distributions refer to Section 72(t) of the Internal Revenue Code, which deals with the 10% penalty tax on early distributions from retirement plans and IRAs. Generally, withdrawals from IRAs and retirement plans prior to attaining age 59 1/2 are subject to a 10% early withdrawal penalty tax. However, under Section 72(t) there are ways for you to avoid the 10% penalty, provided certain criteria are met. Use this calculator to determine your allowable 72(t) distribution and how it can help fund your early retirement or meet an immediate financial need.
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for the calculation :http://www.nylim.com/rcg/0,2058,70_1020084,00.html
