In this video, I’m talking about how to take money out of your IRA early. The rules to take money out early for first home purchase, education planning and for a birth or adoption. The new Secure Act of 2019 was signed on December 20, 2019 and added a new way to access retirement money early in the event of a birth or adoption.
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How would I get access to my dad ira account? Is there a number that I need to call or website to go to ?
I am 37 and my ROTH IRA is like 6 years old. I want to pull some of the capital gains to open a business. What can i expect? Can they NOT allow me access to my money? Or is it just taxed with penalties?
Strictly taking about a regular IRA rules about taking $ out, would have been great. But you kept intermingling the "ROTH" IRA rules. Too confusing.
My H is putting the IRA in my name, because I am 61. So I can withdraw from it.
So I need to know all the rules as their are so many!!
I don't have to wait 5 years, if I'm over 59.5 yrs old, right??
OR DO I?
How many times a year can I withdraw? I know that the total amount is considered taxable income.
That is where the confusion is.
Hope you can answer or anyone else who knows the implications —excluding all withdrawls are taxable—that I know 🙂
THANKS in advance.
So does the child have to be born in 2020 or could I pull money out for my son born in June 2019 since it's still within the first 12 months