trad ira distribution
Once I reach 59 1/2 and have had my trad IRA for over 5 years, can I take distributions at any time and for any amount ? Of course I must pay taxes on such amounts.
Thank you.
Once I reach 59 1/2 and have had my trad IRA for over 5 years, can I take distributions at any time and for any amount ? Of course I must pay taxes on such amounts.
Thank you.
Permalink Submitted by Edward Czapor on Wed, 2010-03-17 16:44
Once you attain age 591/2 you are no longer subject to the 10% early withdrawal penalty, but you would owe tax as you stated. You can withdraw any amount you desire. There is no 5 yr. holding requirement for a traditional IRA, that only applies to a Roth IRA.