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 ???

[Terry53029]

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 · Accepted solution]

Close only counts in horseshoes and hand grenades.

[Just-Lisa-Now-]

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.

[George4Tacks]

Fancy fractions!:+1:

[itonewbie]

That's why Lisa has that fancy £. :smile:

[George4Tacks]

Darn! I thought her name was poundisa?