When must i begin taking distributions from my traditional ira?

Answer The IRS requires you to begin withdrawing money from your traditional IRA after you reach a certain age. If you don't begin making withdrawals, you will face a penalty on the amount you should have... Read More »

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When can I begin taking distributions from an IRA?

You may begin taking distributions from your IRA at any time and for any reason. However, to discourage people from using their IRAs for purposes other than retirement, the Internal Revenue Service... Read More »

When Must a Person Start Taking Money From a 401(k) Account?

A 401k is an employer sponsored tax-deferred retirement plan. Employees contribute to their 401k plans (often with a matching employer contribution) in pre-tax dollars. The funds in the account gro... Read More »

How to Contribute to an IRA While Taking 72T Distributions?

Internal Revenue Service (IRS) rule 72T specifies exceptions to the 10 percent penalty applied to early withdrawals from qualified plans such as IRAs and 401ks. In general, IRS 72T dictates that as... Read More »

When can I take distributions from an IRA without incurring a penalty?

Avoid the IRA 10-percent penalty tax by withdrawing funds after age 59 1/2 and after your IRA is at least two years old. People younger than 59 1/2 can still avoid the tax if distributions are used... Read More »