401k rollover

3 replies
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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

Alumni - Intuit

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