topic If I am 60, will I be charged 10% for early withdraw IRA? in Retirement tax questions

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

mitchells-2015 — Wed, 26 Jun 2019 17:53:21 GMT

What are the exceptions to 10% penalty for early IRA withdraw?

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

xmasbaby0 — Wed, 26 Jun 2019 18:32:00 GMT

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.

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

Critter — Wed, 26 Jun 2019 18:32:58 GMT

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

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

VolvoGirl — Wed, 26 Jun 2019 18:37:00 GMT

For more info see,

See IRS publication 590B for IRA Distributions

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