How do I take funds out of a traditional IRA without a penalty?
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The IRS states that you must be at least 59½ and five years from when the first contributions were made in order to take a qualified distribution from an IRA. The penalty for an early distribution is 10%.
An IRA is set up between an individual and their bank instead of through an employer. You can usually deduct contributions to a traditional IRA, but all withdrawals are taxable.
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
Tax Terms
IRS Tax Dates
Disaster Relief
State Taxes