How to Take an Early Withdrawal From Your IRA
If you're under the age of 59½ and need money from your IRA, we can help.
Are there taxes and penalties associated with early withdrawals?
Since you are under age 59½, the IRS considers this transaction as an early withdrawal (also known as an early distribution). Taxes and penalties on early withdrawals vary by retirement account type (Traditional or Roth).
If you plan to withdraw your money early, please consider the following IRA rules:
- Your withdrawal may be taxed
- You may be subject to a 10% early withdrawal penalty
- You may qualify for an exception to the early withdrawal penalties depending on your situation
To avoid early withdrawal penalties or taxes, find out what specific withdrawal rules apply to you.
What do I need to know?
Before you start your withdrawal:
- Consult with your tax advisor about your situation
- Make sure you have enough cash available, or you may have to sell some of your investments
To start your withdrawal:
- From TransferLog In Required, select the IRA you'd like to withdraw money from
- Choose how you'd like to receive your money
- Enter the dollar amount
- Specify tax withholding
- Sell your securities (if you don't have enough available cash)
- Review and confirm your transaction
What to expect
If you complete your withdrawal on a business day before 4 p.m. ET, find out when you'll get your money.
Delivery times vary by transfer type and may take longer if you have to sell securities to make cash available.
Once you've submitted your request, you can track your withdrawal on the Activity & OrdersLog In Required tab in your Profile.
Additional types of IRA withdrawals
If you're between ages 59½ and 70½, learn How to Withdraw From Your IRA.
If you're 70½ or older, learn How to Take a Required Minimum Distribution (RMD) From Your IRA.
If you have an Inherited IRA, please refer to the RMD Rules for Inherited IRAs before taking your withdrawal.
Virtual Assistant is Fidelity's automated natural language search engine to help you find information on the Fidelity.com site. As with any search engine, we ask that you not input personal or account information. Information that you input is not stored or reviewed for any purpose other than to provide search results and to help provide analytics to improve the search results. For account servicing requests, you may send our customer service team a secure, encrypted message once you have logged in to our website. Responses provided by the Virtual Assistant are to help you navigate Fidelity.com and, as with any Internet search engine, you should review the results carefully. Fidelity does not guarantee accuracy of results or suitability of information provided.
Fidelity does not provide legal or tax advice. The information herein is general in nature and should not be considered legal or tax advice. Consult an attorney or tax professional regarding your specific situation.