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.

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