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Franny Mae is 75 years old and has an IRA with a fair market value of $389,840. What penalty would she have incurred if she had made an early withdrawal of $12,000 to pay off her debts?
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Franny Mae is 75 years old and has an IRA with a fair market value of $389,840. What penalty would she have incurred if she had made an early withdrawal of $12,000 to pay off her debts?

User Txugo
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1 Answer

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Ms. Mae will not have to pay any penalty, as she is over 59 1/2 years old. After 59 1/2, a person can withdrawal any amount from his/her IRA without incurring a penalty. 
User Anthony Raymond
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