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Showing content with the highest reputation on 05/13/2016 in all forums
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Terminated participant Age 56 & premature distribution penalty
Lou S. reacted to My 2 cents for a topic
So she can take the distribution under the plan provisions (apparently) AND, having separated from service after age 55 (voluntarily or otherwise), only needs to pay ordinary income taxes on the distribution. Of course, in an ideal world, she would have the distribution rolled over directly to an IRA and have no immediate tax consequences whatsoever!!!1 point
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