Legal Question in Tax Law in Illinois

ira's and penalties

My mother recently lost her husband and received an IRA from him. He was 63 and she is 66. He was still employed and she is retired. Will she have to pay an early withdrawal penalty because he wasnt 65 is she uses the funds to pay estate expenses?


Asked on 5/05/09, 4:45 pm

1 Answer from Attorneys
Patrick Crotty Crotty & Smyth

Re: ira's and penalties

Penalties do not apply after age 59-1/2 (not 65). Your mother can take out any or all without penalty.

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Answered on 5/05/09, 5:42 pm


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