Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 02-05-2019, 10:29 PM
Junior Member
 
Join Date: Mar 2016
Posts: 2
IRA Early Withdrawal Penalties?

I am 63 years old... What are my penalties when withdrawing from my IRA? And/or, what else should I know about this?



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 02-05-2019, 11:40 PM
Moderator
 
Join Date: Oct 2010
Posts: 5,183
I am 63 years old... What are my penalties when withdrawing from my IRA? =================>>Between the ages of 59? and 70, you are allowed but not required to make IRA withdrawals from your IRA without penalty.You may take distributions from your IRA any time. There is no need to show a hardship to take a distribution. However, your distribution will be includible in your taxable income and it may be subject to a 10% additional tax if you're under age 59 ?.however, Regardless of your age, you will need to file a Form 1040 and show the amount of the IRA withdrawal.


And/or, what else should I know about this?================>> as saild, You can withdraw money anytime after age 59?, but you?ll need to pay income taxes on part or all of any IRA withdrawals you make.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Early TSP withdrawal penalty piguy For 2016 0 05-19-2016 04:22 PM
Hardship Exemption for IRA Early Withdrawal Taxgrannie IRA/Sep 1 02-12-2015 11:00 PM
Early withdrawal from retirement time2show Estimated Taxes 1 11-21-2014 05:38 PM
IRA Early Withdrawal / Disabled derekpw For 2013 4 01-23-2014 12:52 PM
Roth IRA early withdrawal penalty? cincoh Estimated Taxes 3 06-19-2013 02:35 AM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning