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yorkgal
New Member

If I am over 59 1/2 but my husband is not. He lost his job three years ago and We have been living off his IRA. Do we have to pay penalty on his withdrawal ?

Does the owner of an IRA have to be over 59 1/2 or can the spouse withdrawal without penalty?
3 Replies
DoninGA
Level 15

If I am over 59 1/2 but my husband is not. He lost his job three years ago and We have been living off his IRA. Do we have to pay penalty on his withdrawal ?

His IRA is his alone so he must be age 59 1/2 or older to avoid the 10% early distribution penalty.

VolvoGirl
Level 15

If I am over 59 1/2 but my husband is not. He lost his job three years ago and We have been living off his IRA. Do we have to pay penalty on his withdrawal ?

Sorry he has to be over 59 1/2 for his IRA.

xmasbaby0
Level 15

If I am over 59 1/2 but my husband is not. He lost his job three years ago and We have been living off his IRA. Do we have to pay penalty on his withdrawal ?

Only the age of the owner of the IRA matters--not the spouse's age.  If the owner of the IRA was younger than 59 1/2 then the distribution is subject to the early withdrawal penalty and ordinary income tax.

**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.**
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