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mitchells-2015
Returning Member

If I am 60, will I be charged 10% for early withdraw IRA?

What are the exceptions to 10% penalty for early IRA withdraw?
3 Replies
xmasbaby0
Level 15

If I am 60, will I be charged 10% for early withdraw IRA?

If you are past 59 1/2 there is not a 10% early withdrawal penalty.  But the money you take from your retirement fund will be taxable income.  In January you will receive a 1099R showing the distribution from your IRA and you will be required to enter it on your 2019 tax return.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
Critter
Level 15

If I am 60, will I be charged 10% for early withdraw IRA?

Being over the age of 59 and 1/2 is the only exception you will ever need for ira distributions.
VolvoGirl
Level 15

If I am 60, will I be charged 10% for early withdraw IRA?

For more info see, 

See IRS publication 590B for IRA Distributions

https://www.irs.gov/pub/irs-pdf/p590b.pdf

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