Can I withdraw from my IRA before 59½ without a penalty?
In many cases, withdrawals from a Traditional IRA before age 59½ are subject to a 10% IRS early withdrawal penalty in addition to any applicable income taxes. However, the IRS provides certain exceptions that may allow you to avoid the 10% penalty, such as qualifying first-time homebuyer expenses (up to $10,000 lifetime limit), certain education expenses, disability, or death.
If your IRA is an IRA Certificate, an early withdrawal may also result in a certificate early withdrawal penalty if funds are taken before the maturity date.
Because IRS rules and exceptions can be complex, we recommend consulting a qualified tax professional regarding your specific situation.
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