What are the penalties for early withdrawal from a simple IRA

Asked about 1 year ago - Roberts, MT

I am 53 years old and on permanent disability and would like to know if I can use money out of my Ira for a first time home purchase.

Attorney answers (1)

  1. Michael Leo Potter

    Contributor Level 20


    Lawyers agree

    Answered . This is not really an Estate Planning question. You can begin withdrawals from your IRA @ Age 59 1/2. If you make a withdrawal before then, there is normally a penalty imposed of 10% but if there is an exception for permanent disability, I'm not aware of it. However a CPA or Enrolled Agent may very well be the best source of information as to disability waivers. Good Luck!

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