Will I be exempt from the early distribution penalty if I rollover my 401(k) to an IRA within 60 days and take out distributions?

I'm 57 years old. If I retire and rollover my 401(k) to an IRA within 60-days of separating from my company (where I have the 401(k)), will I be exempt from the 10% early distribution penalty in the IRA if I take distributions out of the IRA before 59 1/2? I've heard conflicting stories on if the 401(k) is rolled over within 60 days of separating, whether an IRA is then also exempt from the 10% early tax penalty just like a 401(k) would have been.

401(k), IRAs, Taxes
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February 2017
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Both a 401(k) and IRA are subject to an early withdrawal penalty before the age of 59 1/2. The IRS has a list of exemption that may qualify you for a penalty waiver. If you meet any of these conditions, you can withdraw you 401(k) / IRA funds without penalty.

https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-tax-on-early-distributions

Also, keep in mind that you will have to pay taxes on the entire withdrawal amount which will be added to all other earned income during the same tax year and taxed as an ordinary income. Depending on the exact amounts, you can potentially go to a higher tax bracket. There is some tax saving benefit if you consider annual distributions over a lump-sum withdrawal.

February 2017
February 2017
February 2017
February 2017