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Forum
-> Household Management
-> Finances
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amother
OP
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 Tue, May 28 2024, 7:10 pm
I have an IRA from my mother.
Anyone know if I am allowed to withdraw from it other than the yearly distribution without being penalized?
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amother
Firethorn
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Tue, May 28 2024, 7:26 pm
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I don’t know but at a minimum you would be taxed on the money, right?
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amother
Obsidian
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Tue, May 28 2024, 7:27 pm
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You can withdraw all of whenever you want but it's taxed.
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amother
Amber
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Tue, May 28 2024, 7:36 pm
We just inherited an IRA, was told by our accountant that we had 10 years to take it out and it would be taxed in the year we took it but it didn’t matter when/in what amounts we took it out as long as it was within that timeframe.
We had them withold taxes from the distribution so we won’t run into problems when we file. Possibly we paid a fee for the transfer but I wouldn’t call that a penalty.
The IRA holding company wouldn’t allow us to make any changes to the way they were investing (or not investing) the money so we chose to take it all right away but everyone has different considerations.
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