IRA Distribution

Submitted by Gregory Kozerski on Wed, 2011-12-07 15:04

Hi, can an individual take an IRA Distribution and not be subject to the early distribution penalty if the distribution is taken at any point during the year that they turn 59 1/2 or only after the date during the year which they turn 59 1/2? Thank you for your help.



Submitted by Gregory Kozerski on Wed, 2011-12-07 18:41

Thank you



Submitted by mk foss on Wed, 2011-12-07 19:03

I have had clients who did this very thing. The custodians issued two 1099R forms for that year’s distributions. One for the pre 59-1/2 and one for post 59-1/2 distributions. Each 1099R was properly coded to show whether there was an exception to the penalty or not.



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