I have been laid off at age 55. Can I take money from my IRA without the penalty and if so how much?
There are a number of different types of IRA accounts, so it truly depends on what type. There are two main types of IRA accounts. The Traditional IRA and the Roth IRA. If you have a Roth IRA, there are no penalties for withdrawing any amount up the principle amount you contributed. This is because the money you contributed is post tax, meaning you have already paid the taxes on it. If you want to withdraw more than the principle amount contributed, there will be a tax and penalty consequence for any withdrawal before 59 1/2.
If you have a Traditional IRA, there are tax and penalty consequences for any withdrawal before 59 and a half. That is because this money was contributed tax-deductible. Generally, there is a 10% penalty on top of the tax penalty for early withdrawal. The tax penalty for both IRA's depends on what tax bracket you fall into.
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