Can I take contributions out of a traditional 401(k) before 59 1/2 without penalty?
I'm basically looking for this table and cannot find it anywhere, please let me know if any of the below is incorrect:
| --------- | Traditional 401k | Roth 401K | Traditional IRA | Roth IRA |
|---|---|---|---|---|
| Withdrawing Contributions before 59.5 yrs: | No, penalty applies | Yes no penalty. Must wait 5 yrs if rollover. | No, penalty applies | Yes no penalty. Must wait 5 yrs if rollover. |
| Withdrawing Earnings before 59.5 yrs: | No, penalty applies | No, penalty applies | No, penalty applies | No, penalty applies |
| Withdrawing Contributions after 59.5 yrs: | Yes no penalty, taxes apply | Yes no penalty | Yes no penalty, taxes apply | Yes no penalty |
| Withdrawing Earnings after 59.5 yrs: | Yes no penalty, taxes apply | Yes no penalty | Yes no penalty, taxes apply | Yes no penalty |
| Income Limits (2024) | None | None | None | $161,000 |