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Subject Author Date
Definition of 59 1/2 Rick 09-18-2008
Posted by Rick on September 18, 2008, 8:04 pm
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What is the IRS definition of age 59 1/2? I'm specifically asking about the
age where I can access IRA funds/earnings without paying a penalty. Is it
literally the day of my birthday plus six months, or is it January 1 of the
year in which I turn 59 1/2, or is there some other definition?

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Posted by Harlan Lunsford on September 18, 2008, 10:55 pm
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Rick wrote:
> What is the IRS definition of age 59 1/2? I'm specifically asking about
> the age where I can access IRA funds/earnings without paying a penalty.
> Is it literally the day of my birthday plus six months, or is it January
> 1 of the year in which I turn 59 1/2, or is there some other definition?

Unlike the definition of age 70 1/2, by which a person has to perform an
act in the year in which one reaches that age, it's not the case here.
It's quite literally 59 1/2, i.e. age 59 plus six months.

ChEAr$,
Harlan Lunsford, EA n LA

--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>

Posted by jhhtexas on September 19, 2008, 8:12 am
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> What is the IRS definition of age 59 1/2?  I'm specifically asking about the
> age where I can access IRA funds/earnings without paying a penalty.  Is it
> literally the day of my birthday plus six months, or is it January 1 of the
> year in which I turn 59 1/2, or is there some other definition?

It is your actual 59th birthday + 6 months

--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>

Posted by Seth on September 19, 2008, 10:28 am
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>> What is the IRS definition of age 59 1/2?  I'm specifically asking about the
>> age where I can access IRA funds/earnings without paying a penalty.  Is it
>> literally the day of my birthday plus six months, or is it January 1 of the
>> year in which I turn 59 1/2, or is there some other definition?
>
>It is your actual 59th birthday + 6 months

If someone turns 59 on August 30, is withdrawal without penalty
permitted the following February last?

Seth

--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>

Posted by Harlan Lunsford on September 19, 2008, 11:26 am
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Seth wrote:
>>> What is the IRS definition of age 59 1/2? I'm specifically asking about the
>>> age where I can access IRA funds/earnings without paying a penalty. Is it
>>> literally the day of my birthday plus six months, or is it January 1 of the
>>> year in which I turn 59 1/2, or is there some other definition?
>> It is your actual 59th birthday + 6 months
>
> If someone turns 59 on August 30, is withdrawal without penalty
> permitted the following February last?

Righto.

C$,
H

--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>

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