Originated From
AOL Search

Age 59 1/2 rule, is it 59 years and 6 months to avoid the 10% penalty for withdrawel of IRA funds

Liked this question? Tell your friends about it

More Questions

Early Withdrawal of IRA - where/how do you pay the 10% penalty??

Thanks!!! I remember, at the time, the bank did offer to deduct the 10%, but unfortunately I didn't, and now I'm not sure who, or how to pay it to. The only thing I see on the IRS 1040 is a place to deduct the penalty I paid, but I haven't paid the penalty yet, so I'm really confused as to (1) who ...

Historically, was there ever a deadline on IRA contributions that equaled

I don't ever remember there being a deadline but to be sure, ask the human resource department at your job.

What do I do on taxes concerning an early distribution for a deceased

To eliminate the penalty, fill out form 5329 and enter the exception number. This should have been done on the 1099R, but sometimes the companies don't get it right, or they aren't given the proper info up front. If all the contributions to the IRA were tax deductible, the withdrawal is completely ...