When can I withdraw from my IRA?  When can I withdraw from my IRA?

When can I withdraw from my IRA?

Daniel Bennett Daniel Bennett

According to IRS.gov, generally, you are eligible to withdraw your funds from your Individual Retirement Account (IRA) after the age of 59½. An early withdrawal from an IRA before age 59½ is subject to being included in gross income plus a 10 percent additional tax penalty. There are some exceptions to the 10 percent penalty, such as using IRA funds to pay your medical insurance premium after a job loss.

This chart on the IRS website displays the exceptions for an early distribution without taxation.

 

** Disclaimer: iTrustCapital does not provide financial advice, and this article is intended for informational purposes only. Please consult with a financial or tax professional before proceeding.