how years old i can withdraw money from ira with out penalty?

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how years old i can withdraw money from ira with out penalty?

2007-12-03 23:18:09 · 3 answers · asked by chau n 1 in Business & Finance ➔ Taxes ➔ United States

3 answers

59-1/2

2007-12-04 00:56:08 · answer #1 · answered by Judy 7 · 0⤊ 0⤋

You can make withdrawals of any amount without penalty after age 59 1/2. If the IRA was inherited, there is no penalty regardless of your age. If you are under 59 1/2, you can make periodic withdrawals over your life expectancy without penalty. Those withdrawals must continue for 5 years or until you turn 59 1/2, which ever is later.

Jim Kirby, CPA

2007-12-05 01:04:13 · answer #2 · answered by Jim Kirby, CPA/PFS, CFP, CFS 3 · 0⤊ 0⤋

Generally 59 1/2. If it is a Roth IRA, you can withdraw your basis without penalty as long as the account has been open for at least 5 years.

2007-12-04 09:55:38 · answer #3 · answered by ajillity 3 · 0⤊ 0⤋