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I am 56 years old and retired. Can I roll my 401k into an

Customer Question

I am 56 years old and retired. Can I roll my 401k into an IRA and then take a 72T distribution penalty free? I know I would be responsible for taxes but concerned about the penalty.
Submitted: 1 year ago.
Category: Tax
Expert:  emc011075 replied 1 year ago.

Hi. My name is ***** ***** I will be happy to help you.

72T covers more than one exemption, which one do you have in mind? Here's a list of early distribution penalty exemptions from retirement accounts. As you can see in column 4 under Internal Revenue Code section, 72T covers several of them.

Expert:  emc011075 replied 1 year ago.

I see you read my respond and also noticed I didn't give you the link. Here is it:,-Employee/Retirement-Topics---Tax-on-Early-Distributions

Which 72T distribution (exemption) are you talking about?