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Tax Year Prior to 2020: IRA early withdrawal penalty exceptions

I  am 58. I retired in 2019 and converted an employer 401k to an IRA and ROTH IRA.  Later I converted more of the IRA to the ROTH. I took an early withdrawal from the IRA to pay taxes on the Roth conversion money.  If I take an exception for the early withdrawal penalty for substantially equal payments how long do I have to take the payments?  

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3 Replies
MayaD
Expert Alumni

Tax Year Prior to 2020: IRA early withdrawal penalty exceptions

You must continue the withdrawals for at least five years, or until you reach age 59 1/2, whichever comes later.

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Tax Year Prior to 2020: IRA early withdrawal penalty exceptions

What is substantially equal mean?  Can it be more by a few thousand dollars?  After 59.5 can can it be part of more withdrawals from the same IRA?

VictorW9
Expert Alumni

Tax Year Prior to 2020: IRA early withdrawal penalty exceptions

Here's a resource to help you understand what substantially equal payments mean:Solved: What are the exceptions to 10% penalty for early ...

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