I am 61 and on my last year of my 72T. I am told that since I’m over 59.5, I can also take more. Is that true or will I be penalized for taking out more than the 72T?

sab4one · ‎March 4, 2020

KurtL1 · ‎March 5, 2020

If you have been making the substantially equal periodic payments under rule 72T for the minimum of 5 years and you are 59 1/2 years old, you will not be subject to the 10% penalty for any amount you disburse out of your IRA.

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KurtL1 · ‎March 5, 2020

If you have been making the substantially equal periodic payments under rule 72T for the minimum of 5 years and you are 59 1/2 years old, you will not be subject to the 10% penalty for any amount you disburse out of your IRA.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

fanfare · ‎March 5, 2020

A roundabout way of saying, "Don't violate your 72T rules in the last year !!"

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I am 61 and on my last year of my 72T. I am told that since I’m over 59.5, I can also take more. Is that true or will I be penalized for taking out more than the 72T?