Message Font: Serif | Sans-Serif
UnThreaded | Threaded | Whole Thread (4) | Ignore Thread Prev | Next
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 19414  
Subject: Re: IRA Distribution question Date: 6/1/2002 1:04 PM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0
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)."


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.

Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (4) | Ignore Thread Prev | Next


Pencils of Promise - Back to School Drive
"Pencils of Promise works with communities across the globe to build schools and create programs that provide education opportunities for children."
Post of the Day:
Value Hounds

Considerable Headwinds for Profire Energy?
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
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.
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.