401k rollover

Forum|Forum|6 years ago
January 28, 2020
1 reply
5 views

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

Alumni - Champ

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.**

tm0330Author

Level 2

It is a traditional.

Thank you

linaj20201

Level 14

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