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I'm not sure if this is right board (don't think there is a Divorce Board her) but I have an old friend that called about her divorce dilemma.

In a nutshell he is 60 and she is 57. The divorce is very amicable. As I understand he is transferring X amount of dollars to her from his 401K/IRA. Since he is 59 1/2 can he do this without penalty?

Are there limtations to the amount?

What are her tax consequences in receiving this money?

I appreciate your input.
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