You must be 59 and a half to withdraw from your IRA. However, there are exceptions to the 10% early withdrawal penalty tax.

The whole point of an IRA is to put money away for retirement and let it grow. When you don’t allow the money in your IRA to grow and you withdraw before the age of 59 ½, there is an early withdrawal penalty of 10%  tacked onto the already existing income tax. That means you’ll end up paying an IRA withdrawal tax when filing your tax return.

IRS Withdrawal Before 59 ½

Maybe you want to pay off  your high debt or maybe you just need cash. Whatever your case may be, if you aren’t 59 ½ and desperately need money from your IRA, you can withdraw early and will be required to pay penalty tax. The penalty is 10% on top of your existing income taxes.

Exceptions to the 10% IRA Withdrawal Penalty

There are exceptions to the 10% early withdrawal penalty.This means if you fall within one of the following categories you can withdraw from your IRA before the age of 59 ½ without facing ugly penalties.

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