401k rollover

[tm0330]

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]

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.

[tm0330]

It is a traditional.

Thank you

[LinaJ2020]

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