Traditional IRA Withdrawal Rules
You can start withdrawing money from your traditional IRA at age 59½ without having to pay a 10% early withdrawal penalty. However, you will have to pay income taxes on the withdrawals.
If you need to withdraw money from your traditional IRA before age 59½, you will generally have to pay a 10% early withdrawal penalty, in addition to income taxes on the amount withdrawn. There are some exceptions to the 10% penalty, such as using the money for certain medical expenses, education expenses, or buying a first home.
When you reach age 70½, you must start taking required minimum distributions (RMDs) from your traditional IRA. The amount you must withdraw each year is based on your life expectancy and the value of your IRA account. You will have to pay income taxes on the RMDs, but not the 10% early withdrawal penalty.
If you have any questions about traditional IRA withdrawal rules or how much you will owe in taxes, you should speak with a financial advisor or tax professional.
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