IRA distribution and age 59.5
Indvidiual turns 59.5 in later part of 2023. Can he take TIRA distribution anytime in the year 2023 and be exempt from 10% early withdrawal penalty or does he have to wait till after the month and day he turns 59.5?
Indvidiual turns 59.5 in later part of 2023. Can he take TIRA distribution anytime in the year 2023 and be exempt from 10% early withdrawal penalty or does he have to wait till after the month and day he turns 59.5?
Permalink Submitted by Alan - IRA critic on Tue, 2022-08-16 21:23
He must wait until the exact day he reaches 59.5. That’s exactly 6 months after his 59th birthday. Of course, there are some other penalty waivers which might apply prior to 59.5.