59 1/2 Withdrawals

[marko]

Hi All. I'll be turning 59 1/2 on December 19th.

My question is, is the "59 1/2" age rule for IRA withdrawals mean "59 1/2 plus ONE DAY", a few days after, or what?

I don't want to get ding'd, but it would be nice to make one withdrawal by year's end.

Any insight much appreciated!

 

[MasterBlaster]

Looking at IRS Publication 590 (available here: www.irs.gov/pub/irs-pdf/p590.pdf ) it says the 10% penalty is only due when assets are taken out "before" you are 59.5 years old. I would interpret that to mean that the penalty is due if you take money out at age 59.5 less one day or more.

I would interpret it to mean that when you are 59.5 years old (exactly) then there is no penalty. No need to wait another day.

To be safe though, I would check with your mutual fund company that holds the assets.

 

[Rustward]

If I had this question, I would check with the taxing authority directly.

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[marko]

Ok. Thanks all. I was just wondering if there was something there that everybody knew except me! I will check with my fund operators.