ira withdrawal rules?

2 ⤊

ira withdrawal rules?

is there rule that your IRA must be completly drawn down with in so many years.after you start drawing Like 10 year??

2007-01-18 01:16:21 · 2 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States

2 answers

There are "Required Minimum Distribution Rules" that state the percentage of your Traditional IRA, SEP, 403(b), 457,or 401(k) that you must withdraw. The age starts at 70.5 and the percentage gradually increases as you age. The purpose is to use the IRA prior to death.

2007-01-18 01:23:45 · answer #1 · answered by MR MONEY 3 · 1⤊ 0⤋

No. If it's a Traditional IRA, you must begin withdrawing money by age 70 1/2.

2007-01-18 09:19:25 · answer #2 · answered by Wayne Z 7 · 1⤊ 0⤋