What if I take my funds out early? What if I take my funds out early?

What if I take my funds out early?

Daniel Bennett Daniel Bennett

According to IRS.gov, generally, early withdrawal from an Individual Retirement Account (IRA) before age 59½ is subject to being included in gross income plus a 10 percent additional tax penalty. There are exceptions to the 10 percent penalty. 

This chart provided by the IRS displays the exceptions for an early distribution without taxation. 

 

For more information, visit the IRS website.