How can I withdraw money from my traditional IRA?

Answer by  whizkid (95)

You can withdraw money from your traditional IRA. This money will be taxable if you are less than 59 1/2. You can avoid the tax by "rolling it over". That means you can only keep it in a non-IRA account for 60 days before reinvesting in another IRA.

Answer by  kellij66 (91)

You can withdraw money from an IRA, that's not an issue. What is the issue is that in addition to having to pay income tax on the money, you have to pay a 10% penalty if you withdraw the money before age 59 1/2.

Answer by  Demician (18)

Contact your broker or bank and request an IRA withdrawal form. You may be subject to bank and IRS penalties if you are under age 59. 5. Consult your tax advisor before withdrawing from an IRA.

Answer by  Matthewbrown26 (22)

You just need to get one form 1099-R from financial institution, report the amount of IRA And also taxable amount of your withdrawal.

Answer by  blockjon (22)

Once I am age fifty nine and a half i can withdraw any way I like. Until the required age I would incur a 10 percent penalty along with a usual holding of another 10 percent for taxes. The penalty can be waived in some instances.

Answer by  Stevek863 (33)

If your IRA is with a bank, mutual fund or brokerage firm, you must contact them and request a withdrawal. For other types of IRA's contact the administrator and ask for a withdrawal. You will be sent the necessary form(s) to complete.