Normally there is a 10 percent penalty plus you have to pay taxes. Around 40% total
It depends on your age and the type of IRA.
If it is a Roth you can take out the amount you put in no tax no penalty any age. If you are 59&1/2 plus no penalty, no tax on Roth.
If you are over 70&1/2 you must take a minimum distribution from a traditional.
There are other hardship provisions as well.
by Cecil Kenmill2 years ago
What is better, withdrawling early from an IRA or Roth IRA first? or both at the same time?someone sent me this question and it stumped me for a sec. why withdrawl early at all? we all know it can lead to a penalty. but...
by Amelia Griggs7 years ago
Should you keep 401K from previous employer, or rollover to Roth IRA or other investment?
by rickloek7 years ago
Have you researched converting your IRA to a Roth IRA in 2010?As you may know, everyone can convert their IRAs to Roth IRA on 2010 and pay the taxes in 2011 and 2012. Have you done any research on converting your...
by ecugrad927 years ago
Converting traditional IRA to ROTH IRAI converted my entire traditional IRA to my ROTH IRA in December 2010 and spread the tax bill over 2011 and 2012. Do I have to indicate this on my 2010 tax return and also how does...
by route66tim7 years ago
What are rules for IRA deductions with retirement plans at work?My wife made $1000 last year and we contributed $5000 to a traditional IRA for her... Her job also has her enrolled in a retirement plan. Can we...
by Ulrich Linder3 years ago
Do you recommend a Roth or Traditional IRA for a young saver and why?
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