How do I take funds out of a Roth IRA without a penalty?
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In order to avoid penalties, you can take a qualified distribution at least 5 years after the first contributions were made, and you must be at least 59½ years old. You’ll owe a 10% penalty on the distribution if you withdraw before that time.
Unlike a traditional IRA, a Roth IRA is taxed on the front end, meaning that you will pay taxes on any contributions, but distributions are tax-free. However, you will still owe the 10% penalty on early distributions.
Table of Contents
FAQ
You got this—all you have to do is start!
We make filing taxes delightfully simple with our flat–rate price. Every feature included for everyone.
Start filingMore Tax Guides
FAQ
Coronavirus Pandemic News and Resources
Tax Reform 101
Tax-Related Identity Theft
Filing Your Taxes 101
For Students and New Grads
Taxes for Families
Affordable Care Act
Taxes and Your Job
Taxes for the Self-Employed
Tax Breaks for Homeowners
Health and Life Insurance
Investing and Retirement
Tax Savings Strategies
IRS Tax Dates
State Taxes
Disaster Relief