When can I withdraw an IRA contribution?

Answer Money can be taken out of an IRA at age 59 1/2 without penalty. A 10 percent penalty will be incurred if money is taken out before a person reaches 59 1/2 years old, unless a special event occurs s... Read More »

Top Q&A For: When can I withdraw an IRA contribution

Can I withdraw funds from my employee defined contribution plan to pay an IRS debt?

Defined contribution plans can be a source of penalty-free hardship withdrawals when there is demonstrated need, such as IRS debt. However, not all plans provide for hardship withdrawals. The plan ... Read More »

Does contributing to a roth ira cd qualify as a contribution to the retirement contribution credit?

A contribution to a Roth IRA, no matter how you choose to invest the money once it is in the account, counts for the Retirement Savings Contribution Credit. Possible investments in Roth IRAs includ... Read More »

Can I make a SEP IRA contribution& a traditional IRA contribution in the same year?

Individuals can make annual contributions to both traditional and SEP IRAs. However, they must follow the annual contribution limit guidelines. The traditional IRA limit is $5,000 (or $6,000 for th... Read More »

What is an IRA contribution?

An IRA is an individual retirement account. A contribution to an IRA is money that is deposited into the account to be saved for retirement. If the contribution is withdrawn, however, a penalty is ... Read More »