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?
031020
3 Replies
DoninGA
Level 15
Jul 12, 2020 2:53:27 PM
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
Jul 12, 2020 2:54:11 PM
Sorry he has to be over 59 1/2 for his IRA.
xmasbaby0
Level 15
Jul 12, 2020 2:54:19 PM
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.