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Level 1
December 7, 2019
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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 ???

  • December 7, 2019
  • 6 replies
  • 41 views
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Best answer by IRonMaN

Close only counts in horseshoes and hand grenades.

6 replies

Intuit Community Champion
December 7, 2019
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"
IRonMaN
IRonMaNAnswer
Level 15
December 7, 2019

Close only counts in horseshoes and hand grenades.

Slava Ukraini!
Just-Lisa-Now-
Intuit Community Champion
December 7, 2019

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♥¸¸.•*¨*•♫♪
George4Tacks
Level 15
December 7, 2019
:+1: Fancy fractions!:+1:
Answers are easy. Questions are hard!