Rolled over 401k from old employer to CDC at bank. I am 61 when can I access that money and what will be penalty?Thank you

Forum|Forum|7 years ago
June 4, 2019
3 replies
26 views

The CD is currently $2,400 . It's not much but I have a need for a running vehicle to keep working. Can I close out the account for this now? The CD pays about $12 interest per year.

Best answer by Zbucklyo

Assuming this is in an IRA you will pay taxes on the withdrawal, but no penalty since you are over 59 1/2.

SweetieJean

Alumni - Champ

Is the CD an IRA plan?

livinnorthAuthor

Level 2

Not sure.

ZbucklyoAnswer

Level 8

Assuming this is in an IRA you will pay taxes on the withdrawal, but no penalty since you are over 59 1/2.

Rolled over 401k from old employer to CDC at bank. I am 61 when can I access that money and what will be penalty?Thank you

3 replies

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