Distribution from a 401(k) that was converted to IRA by employer due to business closure
My client is 58 years old and needs to take a distribution from her former’s employer’s 401(K) for living expenses. They were terminated in April of 2020 due to Covid19 closure (business was sold) and the 401(k) was converted into an IRA by the company. Will the client be subject to a 10% penalty if they take a distribution?
Permalink Submitted by Alan - IRA critic on Tue, 2021-01-19 19:14
This is a duplicate post.