moneyman11
Confused about dryer sheets
- Joined
- Jun 11, 2009
- Messages
- 7
I've read the 401(k) rules that note that "distributions from your workplace savings plan are not subject to the 10% early withdrawal penalty if you are age 55 or over when you separate from service with your employer."
Does this also apply to Solo 401(k) plans?
If so, my question is, if the Solo 401(k) was set up for a sole-proprietor business, how do you properly "separate from service" in the eyes of the IRS in order to begin penalty-free withdrawals from your Solo 401(k) at age 55?
Do I simply just "declare" (is there a form to fill out?) that I am shutting down my sole-proprietorship at 55, and then I can start making penalty-free withdrawals from my Solo 401(k)?
Thanks.
Does this also apply to Solo 401(k) plans?
If so, my question is, if the Solo 401(k) was set up for a sole-proprietor business, how do you properly "separate from service" in the eyes of the IRS in order to begin penalty-free withdrawals from your Solo 401(k) at age 55?
Do I simply just "declare" (is there a form to fill out?) that I am shutting down my sole-proprietorship at 55, and then I can start making penalty-free withdrawals from my Solo 401(k)?
Thanks.