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-   -   Ira withdrawal (https://www.askmehelpdesk.com/showthread.php?t=45625)

  • Nov 29, 2006, 03:54 PM
    srm1968
    Ira withdrawl
    What are the penalties for an early ira withdrawl? I have an emergency situation where I need a small amount of cash. The account is in another state that I plan to visit shortlly.
  • Nov 30, 2006, 12:36 PM
    RichardBondMan
    Quote:

    Originally Posted by srm1968
    what are the penalties for an early ira withdrawl? I have an emergency situation where I need a small amount of cash. The account is in another state that I plan to visit shortlly.

    Best to ask the financial institution what is needed, but my best guess is a written request from you that includes your name, address, tel number, acct no, ssan number, and a stmt from you as to whether you want any taxes withheld from the proceeds. Understand there is a 10% IRS penalty and the proceeds received by you are reportable as ordinary earned income on your next tax returns.
  • Nov 30, 2006, 01:38 PM
    DrJ
    Unless, of course, it's a Roth IRA... in which there is no tax consequences or penalties involved.
  • Nov 30, 2006, 04:36 PM
    walt17
    Quote:

    Originally Posted by DrJizzle
    Unless, of course, its a Roth IRA... in which there is no tax consequences or penalties involved.

    That's true if withdrawing regular contributions. Any gain that has been made would be subject to both 10% penalty and tax unless it was a qualified distribution.

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