IRA withdrawal at 59 1/2

[Joe C]

I'm confused by something I read and maybe
we can clarify it for me. I became 59 on 5/10/2010.
Can I take a withdrawal without penalty from my
IRA on 11/11/2010 or do I have to wait till 1/1/2011?
Thanks. I read the "1/2" means I can make a withdrawal
without penalty the year after I turn 59.

 

[Phil Marti]

I'm confused by something I read and maybe
we can clarify it for me. I became 59 on 5/10/2010.
Can I take a withdrawal without penalty from my
IRA on 11/11/2010 or do I have to wait till 1/1/2011?

Since it's now after 5/10/2010 you can take it any time without
penalty. Unlike the many "year of" provisions, this one is the
specific date. I threw a party the day I turned 59 1/2.

Phil Marti
VITA/TCE Volunteer
Clarksburg, MD

 

[JoeTaxpayer]

Since it's now after 5/10/2010 you can take it any time without
penalty. Unlike the many "year of" provisions, this one is the
specific date. I threw a party the day I turned 59 1/2.

Phil Marti
VITA/TCE Volunteer
Clarksburg, MD

Doesn't OP have 8 days to go?
11/10/10 is his 59-1/2th bday.

 

[Phil Marti]

Doesn't OP have 8 days to go?
11/10/10 is his 59-1/2th bday.

You're right. I misread the OP. Thanks for the catch.

Phil Marti
VITA/TCE Volunteer
Clarksburg, MD