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Thrift Plan/UPS stock-10 percent tax?
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<blockquote data-quote="JohnnyPension" data-source="post: 145551" data-attributes="member: 7855"><p>I am thinking of making my new mortgage as low as possible so I would be looking at that 401K to help there. This is my second house.</p><p></p><p>I just got of the phone with the IRS and asked them about the age 55/401K question and after a few moments she came back on line and said to look at publications 590 and 575. It clearly states no 10 percent penalty if:</p><p></p><p>"Made to a participant after separation from service if the separation occurred during or after the calendar year in which the participant reached age 55".</p><p></p><p>She said there would be no penalty, just the regular tax ( I myself would have the 20 percent taken out and deal with the rest at tax time).</p><p></p><p>John</p></blockquote><p></p>
[QUOTE="JohnnyPension, post: 145551, member: 7855"] I am thinking of making my new mortgage as low as possible so I would be looking at that 401K to help there. This is my second house. I just got of the phone with the IRS and asked them about the age 55/401K question and after a few moments she came back on line and said to look at publications 590 and 575. It clearly states no 10 percent penalty if: "Made to a participant after separation from service if the separation occurred during or after the calendar year in which the participant reached age 55". She said there would be no penalty, just the regular tax ( I myself would have the 20 percent taken out and deal with the rest at tax time). John [/QUOTE]
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Thrift Plan/UPS stock-10 percent tax?
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