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    bbsmny123's Avatar
    bbsmny123 Posts: 1, Reputation: 1
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    #1

    Nov 23, 2014, 01:10 AM
    401 withdrawl fees
    What age does the early withdrawl fee of 10% get waived
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #2

    Nov 23, 2014, 02:21 AM
    59 1/2
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
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    #3

    Nov 23, 2014, 10:01 AM
    Note that it is not the YEAR you turn 59.5, but the DATE.

    Example: you turn 59 on 10 Feb 2014. You must wait until 10 August 2014 before you can make the withdrawal and NOT pay the 10% Early Withdrawal Penalty.

    I had a client make that mistake two years ago, much to his regret when I told him he had to pay the penalty.
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