Taxpayers withdrawing funds from an IRA before they turn 70½ are generally subject to a 10 percent penalty on the amount of the withdrawal.

Question

Quizplus · Accepted Answer

Taxpayers withdrawing funds from an IRA before they turn 59½ are generally subject to a 10 percent penalty on the amount of the withdrawal. After the age of 59½, withdrawals are allowed without penalty, but they may be subject to income tax. The required minimum distribution age is 70½.

Taxpayers Withdrawing Funds from an IRA Before They Turn 70½