Jump to content
ATX Community

When are you 59.5 year old for penalty free withdrawal?


Recommended Posts

Tax payer will be 59 and a half years old on October 30, 2023.  He withdrew $100K from his current employer 401k plan on January 2nd 2023. Will he have to pay $10K penalty on that withdrawal?  He used that money for vacations. I think I have read that you have the whole calendar year when you are becoming 59.5 years old to withdraw without penalty but it doesn't sound right. 

Link to comment
Share on other sites

Age 59 1/2 is 6 months after the taxpayer attains age 59.  It was covered in this topic a few years ago.  From the top of that topic, scroll down to see my first answer that has a link too.


  • Like 2
  • Thanks 1
Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Reply to this topic...

×   Pasted as rich text.   Restore formatting

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

  • Recently Browsing   0 members

    • No registered users viewing this page.
  • Create New...