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Old 03-21-2007, 11:40 AM
 
Location: new orleans
182 posts, read 752,302 times
Reputation: 83

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Does anyone have info or experience with early withdrawals without penality from a traditional IRA plan? I'm considering doing this next year. I understand it has to be for 5 years and that the amount is the same from year to year. Any comments?
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Old 03-22-2007, 10:22 AM
 
Location: Journey's End
10,189 posts, read 24,925,906 times
Reputation: 3840
Couldn't say for sure, and certainly it may be bank-to-bank or creditor-specific, but my bank (Chase) told me withdrawal before maturity will have always have a penalty.
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Old 03-23-2007, 07:42 AM
 
Location: new orleans
182 posts, read 752,302 times
Reputation: 83
Ontheroad!!

How nice to hear from you!! How are you doing?

there is a way to do it .It involves paperwork for the IRS. from what I understand you have to take the same amount out each year and you have to do that for at least 5 years. that money is then taxed as regular income as opposed to investments. I am wondering about how to figure the dollar amount. I've looked at what I "spend" (rent, food, etc.) but am wondering if there is a set formula that is used. I don't want to be taking out too much and paying alot of taxes but i don't want to be locked into a yearly amount and find out its not enough....
I hope to hear from someone who has done this to see what their experience has been.

Off topic: been "talking" to the Connecticut forum and found a company called Artspace that goes in and renovates older buildings and then rents apartments to artists. there are 3 in Connecticut. What a great idea!
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