How do you withdraw money from a traditional IRA without incurring taxes or penalties?

When you retire, you will likely want to access the money you have saved in your Individual Retirement Account (IRA). You can do this by taking distributions, or withdrawals, from your account. The IRS rules for taking distributions from a traditional IRA are different than those for taking distributions from a Roth IRA.

When you take a distribution from a traditional IRA, you will have to pay income taxes on the amount you withdraw. However, you may also be subject to a 10% early withdrawal penalty if you are younger than age 59½.

There are some circumstances under which you can take a distribution from a traditional IRA without having to pay taxes or penalties. These include:

· You are age 59½ or older

· You are taking a distribution that is part of a series of substantially equal periodic payments

· You are taking a distribution because you are disabled

· You are taking a distribution to pay for certain medical expenses

· You are taking a distribution to pay for health insurance premiums after you have lost your job

· You are taking a distribution to pay for higher education expenses

· You are taking a distribution to pay back taxes you owe

If you meet one of the above conditions, you can take a distribution from your traditional IRA without having to pay taxes or penalties. However, you will still need to comply with the IRS rules for taking distributions. These include taking only the amount you need and withdrawing funds in a certain order.

You should consult with a tax advisor to make sure you comply with the IRS rules for taking distributions from a traditional IRA. Withdrawing money from your IRA can have tax consequences, so it is important to understand the rules before you take a distribution.