I retired at age 57 and started withdrawals from my 401K, I was not penalized the 10% since I separated from the company, I'm now 58 years old and may back to work part time for a different company, Will I have to pay the 10% penalty if I go back to work? If so will it be retro active to when I started withdrawals from my 401K?
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Any employment that you have with a different employer will not affect the age 55 penalty exception that you have for distributions from the 401(k) plan provided by your old employer. Your old employer should continue to issue Forms 1099-R with code 2 until you reach age 59½, at which time they will change to code 7.
Any employment that you have with a different employer will not affect the age 55 penalty exception that you have for distributions from the 401(k) plan provided by your old employer. Your old employer should continue to issue Forms 1099-R with code 2 until you reach age 59½, at which time they will change to code 7.
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