What happens if I take my money out of my Traditional IRA before Age 59 and 1/2?

If you take your money out of a Traditional IRA before you reach the age of 59 and 1/2, your withdrawal will be treated as an early distribution and you will have to pay income tax on the withdrawal amount and a 10% early distribution tax on the money. There are some exceptions that may allow the early distribution to escape the 10% early distribution tax, but the exception will not eliminate the ordinary income tax.

Please contact one of our IRA Experts at 800-472-0646 for more information.

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