You'll need to sign in or create an account to connect with an expert.
The special age 55 withdrawal provision doesn't apply if you left your previous employer before you reach age 55, or age 50 for public safety employees, even if you're over age 55 now. Any withdrawals you take are subject to the penalty tax, unless you can roll your 401(k) plan to an IRA or qualify for an exception to the penalty.
The rule of 55 applies to any 401(k) provided by an employer from which you separated from service in or after the year you reached age 55. It does not apply to a 401(k) of any employer by which you are still employed nor does is apply to any 401(k) of an employer from which you separated from service before the year you reached age 55.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
Jkessel13
New Member
DANINFL
Level 2
ronaldmelka
New Member
brittneysanzo
New Member
jim-sobczak
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.