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https://boards.fool.com/what-i-am-looking-to-find-out-is-the-exact-date-30179801.aspx
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| Subject: Re: 59 and a half | Date: 8/1/2012 2:03 AM | |
| Author: foo1bar | Number: 116483 of 131788 | |
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What I am looking to find out is the exact date that the penalty no longer applies. Is it the day one reaches 59 1/2, the day after, the first of the month after that date or some other arbitrary date? I read it as the day you reach 59 1/2. "Generally, if you are under age 59½, you must pay a 10% additional tax ..." http://www.irs.gov/publications/p590/ch01.html I am still in the planning stage, but want to nail down this detail Well, if I were in the planning stage, I'd probably be looking at how to avoid withdrawing until I had to. Do you really want to withdraw at age 59.5? (There are circumstances where that is necessary - but if it's so you can take the family on a cruise in the Bahamas this winter, maybe you should re-evaluate) |
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