Register

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 he…

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 he…
217k views
5 votes
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
by
8.0k points

1 Answer

1 vote
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
by
8.2k points
← Prev Question Next Question →

Related questions

Ask a Question
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

9.4m questions

12.2m answers

Categories

Other Questions

How do you can you solve this problem 37 + y = 87; y =
What is .725 as a fraction
How do you estimate of 4 5/8 X 1/3
Link Copied!