You can withdraw funds from your IRA at any time but in general, withdrawing funds from your IRA prior to age 59 ½ means you'll have to pay a 10% early withdrawal penalty. You may avoid the penalty if you're withdrawing because of:
- First time home purchase (USD 10,000 lifetime limit)
- Qualified education expenses
- Substantially Equal Periodic Payments
- To pay for health insurance premiums if you receive unemployment benefits for more than 12 consecutive weeks
- Medical Expenses in excess of 7.5% of your AGI (Adjusted Gross Income)
- Death
- Disability
- IRS Levy
Please speak to your tax advisor prior to taking a distribution to determine whether the 10% early withdrawal penalty will apply.
Please note that IBKR will charge a withdrawal fee after the first withdrawal (of any kind) per calendar month.
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