401k rollover

tm0330 · ‎January 28, 2020

I rolled my 401k into an IRA in 2019. If I contribute to the IRA for last years contributions, will I be able to withdraw monies next year without penalty. I will be 65 in a couple of months.

macuser_22 · ‎January 28, 2020

Assuming you mean a Traditional IRA then since you are over age 59 1/2 there is no penalty on any distributions. You would still be subject to the normal tax on distributions.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

tm0330 · ‎January 31, 2020

It is a traditional.

Thank you

LinaJ2020 · ‎February 1, 2020

If you are referring to an early distribution penalty, the answer would be No.

Since you are older than age 59.5, you will be not subject to 10% from early distribution penalty. However, you will still be taxed at your normal tax bracket as part of your taxable income.

@tm0330

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401k rollover

Retirement tax questions

Retirement tax questions

Retirement tax questions