Can I withdraw the interest on my IRA?

Answer by  fazt (147)

If you are over 59 1/2 years old, you can withdraw interest, but will have to pay income tax on it, unless it is a Roth IRA. Traditional IRAs have had the tax deduction ahead of time. If you are not that old you will have to pay a penalty. The penalty is not worth withdrawing the interest.

Answer by  navinp11 (7)

It depends on which of the 3 IRS-approved methods you use to calculate the withdrawals. They are 1)the life expectancy method 2)the amortization method 3)the annuity factor method.

Answer by  Aishwarya (7)

Yes can withdraw the interest on my IRA based on regulations of the organisation. If needed have to evaluate the penalties. Eventual withdrawal from an IRA is a taxed income.

Answer by  tamarawilhite (17883)

You can only withdraw the interest or capital gains from an IRA if it is a Roth IRA. You cannot pull interest or capital gains from a traditional IRA (for which your taxable income was reduced) without paying taxes on the withdrawal.