Fisher Posted May 1, 2013 Share Posted May 1, 2013 If someone processes a request for distribution from their IRA a few days prior to turning age 59 1/2, does that mean there could be a 10% penalty or does the date of receipt of the funds mark the date if not received until after 59 1/2? Link to comment Share on other sites More sharing options...
GMK Posted May 1, 2013 Share Posted May 1, 2013 From a previous thread (can't find it right now), you are under age 59-1/2 through the day before you turn 59-1/2. edit to add: 72(t)(2)(A)(i): http://www.section72.com/html/72_t_.html Link to comment Share on other sites More sharing options...
masteff Posted May 1, 2013 Share Posted May 1, 2013 And you'll note if you read 72(t) carefully, that it's neither the date of request nor of receipt, but rather the date of distribution that matters. Appleby 1 Kurt Vonnegut: 'To be is to do'-Socrates 'To do is to be'-Jean-Paul Sartre 'Do be do be do'-Frank Sinatra Link to comment Share on other sites More sharing options...
ETA Consulting LLC Posted June 21, 2013 Share Posted June 21, 2013 I would say the 6 months after the 59th birthday. I wouldn't count days. I would use the regulation on determining when a person turns age 70 1/2 has a reference in determining when the 1/2 year occurs; just for consistency. CPC, QPA, QKA, TGPC, ERPA Link to comment Share on other sites More sharing options...
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