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Do You Have To Pay A 20percent Tax Penalty On A 401k Withdrawal After Age 59.5?

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A tax of 20% will be withheld when you make a withdrawal from your 401k after the age of 59.5, however, you will not have to pay the 10% penalty that is required if you withdraw before the age of 59.5.  You may still owe additional taxes if your income tax bracket is higher than 20%.

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