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hem447
Jan 12, 2007, 12:17 PM
I am 73. Can I take out all the money I have in my ira. Will I be charged a penalty? Do I have to pay taxes on the withdrawl?
AtlantaTaxExpert
Jan 13, 2007, 05:22 AM
Due to your age, no penalty will be incurred if you withdraw your IRA funds.

However, normal income taxes (state and federal) will be due when you make these withdrawals. This assumes this is a traditional IRA and not a Roth IRA.