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I separated from my company when I turned 55. I am trying to determine if I take a withdraw from my 401K would I be penalized the 10%?
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Expert Reviewed
It depends. Generally, there is a 10% early withdrawal penalty if the taxpayer is under age 59½. However, there is an exception for an employee who separates from service at age 55 or older if the withdrawal is from that employer's 401(k) plan.
See this TurboTax article for details: 401(k) Withdrawal Penalty Exceptions
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