Is there a certain age you can take money out of a traditional IRA without a penalty? What about Roth IRA?
You'll need to sign in or create an account to connect with an expert.
Is there a certain age you can take money out of a traditional IRA without a penalty? 59.5
What about Roth IRA? The contributions can always be removed tax and penalty free ... the earnings are subjet to the 5 year rule & the 59.5 rule
You can withdraw money from a traditional IRA in the year that you turn age 59 1/2, or after, and you will pay regular income tax but you will not pay the 10% penalty for early withdrawal.
Roth IRA‘s are a bit more complicated. Withdrawals from IRAs are broken up by contributions, conversions, and earnings. You are always deemed to withdraw contributions first, conversions second, and earnings last.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
Islanderqi
New Member
glerbnik84
Level 3
tklein1668
New Member
azk54
Level 3
RC0857
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.