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    jfrankowsk's Avatar
    jfrankowsk Posts: 1, Reputation: 1
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    #1

    May 7, 2007, 08:46 PM
    Penalty for withdrawing before age 591/2
    Is the penalty applied before any month you turn 591/2 even though you turn 591/2 during the tax year? As an example I tune 591/2 in Jun of 2008, Does that mean any payments made to me before June 08 are penalized even though I turn 591/2 in the tax year?

    Basically is it the month or the year you turn 591/2?
    RichardBondMan's Avatar
    RichardBondMan Posts: 832, Reputation: 66
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    #2

    May 7, 2007, 09:01 PM
    I believe it's the month (and day) of your age 59 1/2 that determines if there is penalty imposed by the IRS. Personally, I would not want a check in my hands dated one day before my age 59 1/2. After that day, I believe there is no penalty but ck with the IRS by calling them or better read the IRS publication or have your CPA give you an answer.
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