UnThreaded | Threaded | Whole Thread (2) | Ignore Thread Prev | Next
Author: TMFPixy Big gold star, 5000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 75649  
Subject: Re: Partial Early IRA Withdrawal Date: 2/2/2000 9:23 AM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
Greetings, pc0728, and welcome. You wrote:

<<Please let me know the consequenses of an early withdrawal of $80,000 from an IRA rollover account, to put down on a vacation property. This account was a distribution after my husband left one company, then he rolled it over into another IRA account. After a few years this money has grown from stock investments, etc.

Is there any way to get around the penalties? He is 45 years old.>>


That withdrawal was not one that qualifies as an excpetion to the penalty. Therefore, you will pay income taxes on that $80K plus an additional penalty on that amount of 10%, or another $8K. Unfortunately for you, there is no way you will now get around that burden unless you are within 60 days of receiving that money from the 401k and you take immediate action to get it into an IRA before that 60 days expires.

Regards..Pixy
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (2) | Ignore Thread Prev | Next

Announcements

The Retire Early Home Page
Discussion on accelerating retirement day.
Managing Your Wealth
Our own TMFHockeypop from Rule Your Retirement fame on the TV show Managing Your Wealth.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Post of the Day:
Apple

Apple and Ninety Years Ago
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement