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    CMcPhaul's Avatar
    CMcPhaul Posts: 1, Reputation: 1
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    #1

    Jan 24, 2007, 03:17 PM
    Extracting retirement monies
    How does one go about extracting monies from an IRA account without being penalized?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Jan 26, 2007, 10:24 AM
    If you are over 59.5 years of age, you can take out as much as you want with no early withdrawal penalties.

    Further, if you are UNDER 59.5, there are a number of exceptions that allow you to access your IRA with no penalties.

    Finally, all the above advice applies to a traditional IRA.

    A Roth IRA has different withdrawal rules. Basically, about five years after you have funded the Roth IRA, you can withdraw the money virtually tax free with no penalties.
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