Need Money But Want to Avoid an IRA Penalty? Here’s How
By: Clay Wyatt During tough times, you may be tempted to tap into your IRA for much needed money. However, you may face a 10 percent IRA penalty if you do not do so carefully. The IRS only permits you to withdraw funds prior to age 59 ½ without an IRA penalty under limited circumstances. Knowing whether your situation qualifies [...]
How to Avoid an IRA Penalty
Individual Retirement Arrangements (IRAs) are a great way to save for your retirement. The tax benefits allow the account owner to accumulate far more than would be possible without the tax deferral. This is true whether you have a traditional IRA, which allows a tax deduction at the time of contribution, or a Roth IRA which allows tax exempt distributions. [...]
Categories: IRA penalty Tags: 50% penalty, 60 day rule, early IRA withdrawal, early ira withdrawals, ira penalty, minimum ira distribution
