Can you take money from an ira before retirement

Question

Can you take money from an ira before retirement

Answer 1

hello - yes, but there are penalties.  good luck

Answer 2

Yep.......stupid...........but you can do it.......it will cost ya........not only now bet when you retire.........not a good move......

Answer 3

Yes, but you will be penalized and you might want to think twice. After all this is money for your future. I did it 25 years ago and I regret it a bit. However, I needed the money then and it is such a temptation. I have had to save a lot now to make up for it.  

Answer 4

Yes, you can withdraw from an IRA at any time, though you may be subject to taxes and penalties if you are less than age 59 and one half.

If your IRA is a Roth IRA, you can withdraw your contributions, but not the earnings, at any time without taxes or penalties.

If your IRA is a traditional IRA, you can withdraw at age 59 and one half without a penalty, but the amount you withdraw will be subject to regular income tax unless part of your contributions were non-deductible contributions.

If your IRA is a traditional IRA and you withdraw before age 59 and one half, then in most cases the amount you withdraw will be subject to taxes and penalties.  There are exceptions, though, including if the money will be used to purchase a first home, if your medical expenses exceed 7 and one half percent of your adjusted gross income, if the money is used for qualified higher education expenses, or if the money is withdrawn as a series of substantially equal periodic payments.  In those cases, you would still have to pay taxes on the amount withdrawn but not the 10 percent penalty.

For more information, go to www.irs.gov and look up Publication 590.

Answer 5

Yes they will charge you of course...

Answer 6

Yes, but you will be penalized.  Look into it.