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Author: arahfool Two stars, 250 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 19483  
Subject: Re: IRA Distribution question Date: 6/1/2002 1:04 PM
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I asked:
"On a joint account, do both joint owners have to be 59.5 to avoid the 10% early withdrawal penalty?"

TMFPixy responded:
I think you are confused. There is no such thing as a "joint account" in an IRA or a qualified retirement plan. The "I" in IRA stands for "Individual," so there is only one owner, and that owner is the one who must be 59 1/2 to avoid the early withdrawal penalty in the absence of any distribution exception such as "substantially equal periodic payments (SEPP)."

Regards..Pixy


I tend to be confused a lot, it keeps people from bothering me <g>.
The confusion for me is that the 'account' (Fidelity Advisor, 8+ yrs) is labeled 'joint' though I don't know the context. I of course intend to contact them Monday for clarification.

Thanks,
arahFool
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