IRA Distribution Guidelines: Withdrawals from Individual Retirement Accounts are classified as 'IRA Distributions' by the IRS. You should consult with your Tax Advisor or CPA prior to enacting an IRA Distribution to discuss tax consequences, if any apply.
As a general 'Rule of Thumb' for Traditional IRAs and SEP-IRAs, remember: "Taxes are Paid, when Withdrawals are Made." However, there are exceptions to some rules. Please review the Traditional IRA page for a simplified break-down of the most common rules to know.
Roth IRAs allow for tax-free and penalty-free IRA Distributions for any reason, any amount, once the account holder has reached the age of 59 1/2. This is due to the fact that the money contributed had already been taxed. In certain instances, Roth IRA owners may be able to withdraw funds prior to 59 1/2 tax-free and penalty-free as well. Please review the Roth IRA page for a simplified break-down of the most common rules to know.
With the help of Avenue Retirement Services you'll gain a better understanding of how to generate income from your IRAs. We give careful consideration to your time horizon, income needs, and tax liability with regard to the recommendations we make.
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