Comments on: When Can You Withdraw From Your Traditional IRA?

By: kathy b

kathy b — Tue, 10 Jan 2012 18:11:42 +0000

My father was 80 at the end of 2011, he has an traditional ira. My question is, the ira is only in his name and he is presently in a nursing home. To protect my mother, the nursing home said we should use the ira money to pay for his nursing home care. Can we take out any amount of the ira to do this or will my parents be penalized for it? My mother was 81 at the end of 2011. Any help would be appreciated.

By: TJ

TJ — Thu, 29 Dec 2011 03:30:41 +0000

Jason,

I am 32, and looking to liquidate my IRA to start a business. I understand the tax implications, and have enough write-offs to offset these. Is there a way where I can withdraw my dollars and pay the taxes when they are due rather than up front? I am okay paying the penalty up front, but want to retain the other 10% that it is my understanding that the IRS takes right away as a tax payment. Please help…

By: Carol

Carol — Mon, 12 Dec 2011 16:23:08 +0000

I want to withdraw money from IRA, and I want to pay the taxes on it when I take it out. What is the percentage I would need to have Vanguard withhold for taxes?

Thanks

By: Bethany

Bethany — Wed, 02 Nov 2011 22:57:43 +0000

I am 25 and I currently have a traditional 401k, from a previous employer; a ROTH 401k, with my current emploter; and a Roth IRA. I am looking to do another IRA but having trouble deciding between a ROTH IRA and a traditional IRA. I was leaning towards the traditonal IRA because of the tax break for this year, but I dont know if that will hurt me in the long run. Guidance would be appreciated. Thanks.

By: Warren

Warren — Sat, 25 Jun 2011 21:08:59 +0000

Found out from my tax expert I can withdraw any amount, pay the tax on it, then skip as many years as I want to, until I’m 70 1/2.

By: Warren

Warren — Fri, 17 Jun 2011 23:16:08 +0000

I am 62. If I start to take withdrawls from a traditional IRA, must I take out some every year? Can I skip a year or two?

By: Arnold McGregor

Arnold McGregor — Fri, 06 May 2011 03:04:49 +0000

I am 70yrs and 11 months, born June 30,1940. I am currently employed full time with a company that does not match my 401k deductions. I have a significant amount of money in my 401k; that I never withdrew from, my account my question is ” to avoid penalties from never withdrawing from this account what do I have to do ie: switch to a roth ira etc?. I eagerly wait for your response. Just founding about the stature of age limitatons for investors over 70 yrears of age. I do not want to be penalize for none withdrawal.

By: Jason @ Redeeming Riches

Jason @ Redeeming Riches — Thu, 06 Jan 2011 15:51:59 +0000

Bill, the tax rate is whatever rate you are at with your income. Remember, any IRA money you pull out is considered ordinary income for tax purposes. You’ll need to consult your accountant, or walk through a 1040 yourself to figure out all of your income minus deductions etc.

By: bill

bill — Thu, 06 Jan 2011 14:11:00 +0000

also… i will be useing this for buying a second home.

By: bill

bill — Thu, 06 Jan 2011 14:07:44 +0000

what is the tax rate for withdrawing from IRA. i am 66 and on SS.