John, age 43, has been working at the same company for 20 years. In the current year, John quits his old job and takes a new job with a new company. Three months after quitting his old job, John receives a check for $280,000 from his old employer that represents a lump sum distribution of his vested share from the old employer’s retirement plan.

Assuming that John does not rollover any portion of this distribution into either another qualified retirement plan or an IRA account, also ignoring the 20% federal income tax withholding, calculate the amount of early distribution penalty tax.