Penalty-Free IRA Withdrawal Rules
In most cases it’s not a good idea to prematurely withdraw money from your IRA before your retirement age. In addition to owing tax that might be due on the money to the Internal Revenue Service, you’ll face a 10 percent penalty charge on the amount. However there may be a few cases when you need to tap your IRA funds and the IRS offers penalty-free early withdrawal options.
Written by Tim Schroeder on May 8th, 2006 with no comments.
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