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What penalty will a 59-year-old man face for withdrawing funds from his IRA?
Wiki User
∙ 10y ago
A 59-year-old man will typically face a 10% early withdrawal penalty for taking funds out of his IRA before the age of 59 1/2, in addition to income taxes on the withdrawn amount. However, there are certain exceptions to this penalty, such as using the funds for qualified educational expenses or first-time home purchases. It is advisable for the man to consult with a financial advisor or tax professional for personalized advice.
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What penalty will a 59 year old man face for withdrawing funds from his IRA?
A 10% early withdrawal penalty may apply if the 59-year-old man withdraws funds from his IRA before reaching the age of 59 1/2. Additionally, he may be subject to income tax on the withdrawn amount.
What is the penalty for Cashing in traditional IRA at age 66?
If you cash in a traditional IRA at age 66, you will not face the early withdrawal penalty of 10% that applies to withdrawals made before age 59.5. However, the withdrawal will be subject to income tax as it will be considered taxable income for the year in which you make the withdrawal.
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