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Do you have to be at least 59 1/2 to avoid the 10% penalty on early IRA withdrawals or can you withdraw the money penalty free anytime in the year you turn 59 1/2 ???

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Level 15

Close only counts in horseshoes and hand grenades.

Wear a mask - the grandma you save could be your own.

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from IRS "Generally, the amounts an individual withdraws from an IRA or retirement plan before reaching age 59½ are called ”early” or ”premature” distributions. Individuals must pay an additional 10% early withdrawal tax unless an exception applies"
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Level 15

Close only counts in horseshoes and hand grenades.

Wear a mask - the grandma you save could be your own.

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Level 15
Level 15

If you're only 59 ¼ then you're not 59 ½ and the penalty will apply, but anytime in the year AFTER turning 59 ½ then no penalty.


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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Level 15
:+1: Fancy fractions!:+1:
Income tax returns are the most imaginative fiction being written today. — Herman Wouk
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Level 15
That's why Lisa has that fancy £. :smile::smile:
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A fine is a tax for doing wrong. A tax is a fine for doing well.
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Level 15
Darn! I thought her name was poundisa?
Income tax returns are the most imaginative fiction being written today. — Herman Wouk
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