Can I withdraw from my IRA?

Before the age of 59 1⁄2, withdrawals from your IRA account would incur a 10% penalty on top of any taxes owed. 

However, there are several exceptions to be able to withdraw from an IRA without penalty:

  • The IRA owner's disability according to IRS Code Section 72(m)(7) and IRS Publication 590.
  • The death of the IRA owner.
  • As a series of substantially equal periodic payments, made at least annually, to a Traditional IRA owner (inapplicable to Roth IRAs).
  • Payment of non-reimbursed medical expenses that exceed 7 1/2% of adjusted gross income (AGI).
  • Payment of medical insurance premiums after the IRA owner has received unemployment compensation for more than 12 weeks.
  • Payment of a first-time home purchase (lifetime limit of $10,000).
  • Payment of qualified higher education expenses for the IRA owner and/or eligible family members.
  • Paying back taxes from an Internal Revenue Service levy placed against the IRA.
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