If my wife and I open up an IRA this year and we are over 65 years old, how soon can we withdraw the funds w/o penalties?

If my wife and I open up an IRA this year and we are over 65 years old, how soon can we withdraw the funds w/o penalties?
by

1 Answer

Answer :

First the question of set up. If you establish a ROTH IRA, there is no age limit, however, with a traditional IRA, the limit for establishing the IRA is 70.5. IRAs can only be finded by income derived from work, so assuming you have a salary, funds can be withdrawn after the age of retirement. In the case of a traditional IRA, you can withdraw earnings as soon as they accumulate as long as you begin withdrawal by April 1st of the year after you turn 70.5.
by

Related questions

I have a 401k account from a previous employer can I roll my funds over to a money market account without penalties and withdrawl from it months down the road ?

Description : I have a 401k account from a previous employer can I roll my funds over to a money market account without penalties and withdrawl from it months down the road ?

Last Answer : A lot of the answer depends on your age. If you are younger than 59 1/2 you will have a 10 % penalty on the amount you withdraw from your 401K and the amount will be regarded as income in ... 401K but there are regulations the IRS has on how much you can withdraw each year depending on your age.

Are the any IRA withdrawal penalties?

Description : Are the any IRA withdrawal penalties?

Last Answer : In a Roth IRA you pay full taxes on the money you put in the IRA, but in other types, you pay money whenever you withdraw the money from your account.

How high are ira withdrawal penalties?

Description : How high are ira withdrawal penalties?

Last Answer : You don't actually have to pay a penalty when you withdraw from your IRA. You just have to withdraw your annual allowed contribution before taxes come due to avoid the penalty. You can also withdraw excess contributions with no penalty.

I want to withdraw out my my traditional ira account.?

Description : I want to withdraw out my my traditional ira account.?

Last Answer : If you withdraw the money from your IRA account before you turn 59-1/2 years old you will pay a penalty. There are certain exemptions, though, for instance if you were permanently disabled.

I want to withdraw out of my traditional ira account.?

Description : I want to withdraw out of my traditional ira account.?

Last Answer : You can get the information about withdraw out of my traditional ira account from www.associatedcontent.com/article/14483/how_much_do_i_have_to_withdraw_from.html and www.myretirementblog.com/withdrawing-funds-from-an-individual-retirement-accounts.html

How do I make a withdraw from IRA?

Description : How do I make a withdraw from IRA?

Last Answer : To withdraw your IRA first you must first talk to a bank consultant. Then pay the taxes on early withdraw. After check on the consequences to make sure its the right choice.

I have been on SSDI for 15 years and am 65 years old. My wife just turn 62 years old and applied for SS.Does she get a part of SSDI or my life earnings?

Description : I have been on SSDI for 15 years and am 65 years old. My wife just turn 62 years old and applied for SS.Does she get a part of SSDI or my life earnings?

Last Answer : I don't think so, if she is not disabled. Has your wife worked all these years? If so she would draw off of her own benefit. You need to call your local social security office and ask them ... apply for any S.S. benefit but you will forfeit around 30% by taking it earlier than full retirement age.

What should I know before I begin an IRA and start saving for retirement funds?

Description : What should I know before I begin an IRA and start saving for retirement funds?

Last Answer : Make sure you are able to live without this money for the long term. It is intended for retirement only and if you have to take it out before retirement you will pay a heavy penalty. Also if you ... be aware of the tax implications of the IRA and what the maximum investment for your age group is.

When you are in dispute with your wife on some family issues but realize that she has adequate reasoning in those matters, then how would you like to solve these disputes? Options: A) You accept the reasoning and withdraw yourself B) You never crumble down your own ego C) You attempt to assault her physically and mentally D) You try to solve the dispute within reasonable limits before it aggravates

Description : When you are in dispute with your wife on some family issues but realize that she has adequate reasoning in those matters, then how would you like to solve these disputes? Options: A) ... physically and mentally D) You try to solve the dispute within reasonable limits before it aggravates

Last Answer : D) You try to solve the dispute within reasonable limits before it aggravates 

Mr. Xavier invested a certain amount in Debit and Equity funds in the ratio of 4 : 5 respectively. At the end of one year, he earned a total dividend of 30% on his investment. After one year he reinvested the amount including dividend in the ratio of 6 : 7 in Debt and Equity Funds. If the amount reinvested in Equity Funds was Rs. 94,500/-, what was the original amount invested in Equity Funds? (a) Rs. 75,000/- (b) Rs. 81,000/- (c) Rs. 60,000/- (d) Rs. 65,000/- (e) None of these

Description : Mr. Xavier invested a certain amount in Debit and Equity funds in the ratio of 4 : 5 respectively. At the end of one year, he earned a total dividend of 30% on his investment. After one year he reinvested the amount including ... . 81,000/- (c) Rs. 60,000/- (d) Rs. 65,000/- (e) None of these

Last Answer : (a) Rs. 75,000/-

my wife has a catastrophic illness and has to draw upon her IRA. How will this affect our taxes filing jointly

Description : my wife has a catastrophic illness and has to draw upon her IRA. How will this affect our taxes filing jointly

Last Answer : You may be safe from paying a tax. People may need to tap into their individual retirement account before turning age fifty-nine and a half. Withdrawing money before that age subjects the funds to an ... Read more: http://taxes.about.com/b/2008/09/22/taking-early-distributions-from-an-ira.htm

The sum of ages of family members (both children and parents) is 360 years.The total ages of children and parents are in the ratio 2:1 and the ages of wife and husband are in the ratio 5:7.What will be the age of husband? A.65 B.75 C.72 D.70

Description : The sum of ages of family members (both children and parents) is 360 years.The total ages of children and parents are in the ratio 2:1 and the ages of wife and husband are in the ratio 5:7.What will be the age of husband? A.65 B.75 C.72 D.70

Last Answer : Answer : D (70) ExplanationSum of ages is 360 years.The ratio of children and parents ages is 2:1. Total age of parents = 360 x 1 / 3 = 120 years Ratio of wife and husband age is 5:7. Therefore, the age of husband = 120 x 7 / 12 = 70 Hence the age of husband is 70 years.

The sum of ages of family members (both children and parents) is 360 years.The total ages of children and parents are in the ratio 2:1 and the ages of wife and husband are in the ratio 5:7.What will be the age of husband? A.65 B.75 C.72 D.70

Description : The sum of ages of family members (both children and parents) is 360 years.The total ages of children and parents are in the ratio 2:1 and the ages of wife and husband are in the ratio 5:7.What will be the age of husband? A.65 B.75 C.72 D.70

Last Answer : Answer : D (70) ExplanationSum of ages is 360 years.The ratio of children and parents ages is 2:1. Total age of parents = 360 x 1 / 3 = 120 years Ratio of wife and husband age is 5:7. Therefore, the age of husband = 120 x 7 / 12 = 70 Hence the age of husband is 70 years.

do you have to withdraw fund when you turn 70 1/2 years old and are still working?

Description : do you have to withdraw fund when you turn 70 1/2 years old and are still working?

Last Answer : I assume that you are asking about IRA withdrawals since the 70 1/2 matches that timeline. As for your question, the RMD (or required minimum distribution) is the legally required withdrawal amount from ... the minimum withdrawal amount. There is, however, a waiver of the RMD in place for 2009.

I am recently separated from my wife and we are going through a divorce. As soon as we separated, she had a new guy move into the house we both own who is living there full time. What are my rights in regards to this and how it could impact spousal suppor?

Description : I am recently separated from my wife and we are going through a divorce. As soon as we separated, she had a new guy move into the house we both own who is living there full time. What are my rights in regards to this and how it could impact spousal suppor?

Last Answer : The state of CA does not care who is right and who is wrong. The 50/50 split rule applies to almost everything (inheritance is not split). Since she is living in the house, you can insist that ... attorney who can look out for you. I hated paying for it but my ex was extremely unworkable and disho

What are the penalties for owing $10,000 in back taxes to the IRS, for 2 years?

Description : What are the penalties for owing $10,000 in back taxes to the IRS, for 2 years?

Last Answer : It is going to depend on if they are personal or Business Taxes, and it will depend on how late you are in filing for the late period or extension period.

I am 28 years old, single, and want to start a roth IRA. I do not make that much money. I want to know what the least amount of money I have to have to start a roth IRA. ?

Description : I am 28 years old, single, and want to start a roth IRA. I do not make that much money. I want to know what the least amount of money I have to have to start a roth IRA. ?

Last Answer : The minimum amount needed to set up a Roth IRA will depend upon the investment you choose. Many mutual funds have low minimums as little as $250 to open an account. Some funds will even waive ... company, bank or brokerage firm you're considering and ask them what their Roth IRA minimum is.

Just got a text from my soon-to-be wife. She's saying that...... I'm going to be a dad! I'm only 18. What am I suppose to do now!

Description : Just got a text from my soon-to-be wife. She's saying that...... I'm going to be a dad! I'm only 18. What am I suppose to do now!

Last Answer : On the bright side: * Your child will probably be out of high school before you're 40 years old. * If your wife ever gives you a hard time about communicating something personal in a text message, ... to have a kid. It would be a great time to get some good relationship & family planning counseling.

A husband was called by the police telling him that his wife was killed and that he should get to the crime scene as soon as possible. Shocked, the husband dropped the phone and drove to the crime scene in 20 minutes, where he was arrested and charged for murder. How did the police know it was him? -Riddles

Description : A husband was called by the police telling him that his wife was killed and that he should get to the crime scene as soon as possible. Shocked, the husband dropped the phone and drove to the crime ... minutes, where he was arrested and charged for murder. How did the police know it was him? -Riddles

Last Answer : The police told him to get to the crime scene, but they didn't specify where. The husband couldn't have known where the crime scene was unless he'd been there when the wife was dead or dying.

If my social security benefit is $2800 at 65, will my wife also get $1400 if she reaches 65 at the same time? Will our total benefit be $4200/ month, then?

Description : If my social security benefit is $2800 at 65, will my wife also get $1400 if she reaches 65 at the same time? Will our total benefit be $4200/ month, then?

Last Answer : Depends on what you mean by your wife not qualifying for that extra $1,400….either she did or didn’t. If she did then yes you will get that for your total of $4,200/mo or not.

Where is the best place to open a Roth IRA?

Description : Where is the best place to open a Roth IRA?

Last Answer : Our (my wife and I) roth focus is rather aggressive. We are only 2 years older than you so we think that is appropriate our funds Amcap SMALLCAP World Fund Capital Income Builder AMCAP Fund ... employer offer 401k match? you should contribute to that up to their match before proceeding into the roth

Can I open a Roth IRA if I'm 71?

Description : Can I open a Roth IRA if I'm 71?

Last Answer : Yes, you can! As long as you have earned income and don't earn more than the maximum modified adjusted gross income limit, you can contribute to a Roth IRA. Roth IRAs don't carry the same minimum required ... the age of 59 1/2 (which you will be) and the account is open at least five years.

What age is too late to open an IRA CD?

Description : What age is too late to open an IRA CD?

Last Answer : There is no age limit to open an IRA CD. The earliest time to open an IRA CD is at age 21.

How old does my child need to be to withdraw his life insurance?

Description : How old does my child need to be to withdraw his life insurance?

Last Answer : Normally, your child can withdraw their life insurance when they are 18. However, this may vary from policy to policy and between different insurance companies.

On the Phanerozoic time scale, which of the following geologic periods occurred approximately 65 to 136 million years ago? Is it: w) Cambrian x) Ordovician y) Carboniferous z) Cretaceous

Description : On the Phanerozoic time scale, which of the following geologic periods occurred approximately 65 to 136 million years ago? Is it: w) Cambrian x) Ordovician y) Carboniferous z) Cretaceous

Last Answer : ANSWER: Z -- CRETACEOUS

Recent discoveries of ancient cratering near the Yucatan Peninsula support the theory that a meteor or cometary impact may have resulted in mass extinctions of species on Earth about 65 million years ago. During which geologic period is that impact thought to have occurred? w) Permian x) Triassic y) Jurassic z) Cretaceous

Description : Recent discoveries of ancient cratering near the Yucatan Peninsula support the theory that a meteor or cometary impact may have resulted in mass extinctions of species on Earth about 65 million years ago. ... is that impact thought to have occurred? w) Permian x) Triassic y) Jurassic z) Cretaceous 

Last Answer : ANSWER: Z -- CRETACEOUS 

A 65-year-old man was brought to the hospital with complaints of pain in lower abdomen and not having passed urine for 16 hours. The bladder was found to be full. His son informed that he was depressed for the last 2 years and only the day before a doctor had given him some medicine. Which of the following drugs is he most likely to have received: A. Alprazolam B. Sertraline C. Amitryptyline D. Trazodone

Description : A 65-year-old man was brought to the hospital with complaints of pain in lower abdomen and not having passed urine for 16 hours. The bladder was found to be full. His son informed that he ... drugs is he most likely to have received: A. Alprazolam B. Sertraline C. Amitryptyline D. Trazodone

Last Answer : C. Amitryptyline

What are the penalties for giving out money or food to the homeless in your city?

Description : What are the penalties for giving out money or food to the homeless in your city?

Last Answer : There are none that I’m aware of. I hand out spare cash to homeless people at times. Not much but all I can do. Why the heck would people be penalized for that? Has society sunk that far down into the dregs?

Should penalties for crimes against pets & animals by humans be more harsh?

Description : Should penalties for crimes against pets & animals by humans be more harsh?

Last Answer : I reckon so. Yeah, that’s all I’ve got.

Why spend so much time and money on DUI PSA, when the penalties can be toughen greatly for DUI?

Description : Why spend so much time and money on DUI PSA, when the penalties can be toughen greatly for DUI?

Last Answer : In AK, we have supposedly tough dui laws. But still people appear in the local news with 6 or 7 dui's and is in court for killing someone as a result. Our laws are quite silly if they ... is ways around this idiotic law). I think that something along the mix you are suggesting would do well here.

Should they enact some severe legal penalties for posting video or pictures of people without their consent?

Description : Should they enact some severe legal penalties for posting video or pictures of people without their consent?

Last Answer : Ravi, of Plainsboro, and Wei, of Princeton, each could face up to five years in prison if convicted on the invasion of privacy charge.

Can anyone explain, in laymens terms, what the following football penalties are?

Description : Can anyone explain, in laymens terms, what the following football penalties are?

Last Answer : Encroachment-When the defense comes across the line of scrimmage and actually touches an offensive player before the snap, encroachment is called. Illegal Shift-A player can not make a motion as if they ... field before the snap. Only receivers, running backs, and the quarterback may be in motion.

What are the average legal penalties for possession of psilocybin mushrooms?

Description : What are the average legal penalties for possession of psilocybin mushrooms?

Last Answer : It’s not so much what the penalties for psilocybin would be… but what the penalties for possession of a Schedule I substance would be. LSD and heroine are both in the same class. http://www.usdoj.gov/ndic/pubs6/6038/index.htm

What are the penalties for driving or driving without a driving license ?

Last Answer : Maximum 4 months imprisonment or fine up to Rs.500 or both ( Section 138 of Motor Vehicles Ordinance , 1983). In this case, both the owner and the driver can be punished.

What are the penalties for possession or use of steroids?

Description : What is the penalty?

Last Answer : "The use or possession of a non-competitor is not a criminal offense, not even an offense. Abuse of performance-enhancing drugs § 185 (1) Section 4 (1) * A competitor is required to abstain ... in accordance with But anyway, they don't do anything in practice unless you sell in large quantities.  

Don't have to pay penalties now?

Description : I was penalized for speeding back in February and I received the check in March. Now you don't have to pay these, nor do you have to repay the loan?

Last Answer : You better pay as soon as possible. They can charge quite a lot of interest. The loan repayment was also paid by anyone who knew it in my acquaintance's nail, because sooner or later he will have to repay it anyway.

What will be the tax penalties?

Description : What will be the penalties from the non-filed tax return? This is an income of up to CZK 200,000. Only today did we learn from the employer that he had not submitted it.

Last Answer : Need Answer

What are the penalties for parking in a handicap vehicle space in NYC?

Description : What are the penalties for parking in a handicap vehicle space in NYC?

Last Answer : In New York City, parking in a handicapped vehicle space is penalized with a $180 fine. This cost also will include a $30 New York State Ciminal Justice surcarge.

What are the penalties for leading a police chase?

Description : What are the penalties for leading a police chase?

Last Answer : Evading the police is a felony, the degree of which depends on the specifics of the event. The law varies from state to state, as well, as do the penalties, which would depend on a variety of ... right of way and failure to signal. You would face arrest, a revoked license and possible jail time!

If I borrow from my 401 K, do I have to pay any interest and penalties?

Description : If I borrow from my 401 K, do I have to pay any interest and penalties?

Last Answer : In general, yes. Unless you meet certain strict requirements, there is a 10% penalty if you withdraw from your 401K.

What are the penalties for not posting employment law posters as required by US labor law?

Description : What are the penalties for not posting employment law posters as required by US labor law?

Last Answer : The agency requiring the posting will likely issue a notice to the employer to hang the poster as required. Repeated failure to do so will result in a fine.

Are there penalties if I rollover a 401K?

Description : Are there penalties if I rollover a 401K?

Last Answer : In general there are no penalties from rolling over an old 401k into a new 401k plan. The process is relatively easy and takes between 2 and 5 weeks.

What are the penalties for ending a commercial auto lease?

Description : What are the penalties for ending a commercial auto lease?

Last Answer : The penalties for ending a commercial auto lease will depend on the paperwork that was signed at delivery of the vehicle. Many times there is a hefty fine.

In the case of contracts for mail cart lines, penalties and forfeitures for delays and other breaches of agreement, will be imposed by a) Superintendent of post office b) Sub divisional inspector c) Head of the circle d) None of these

Description : In the case of contracts for mail cart lines, penalties and forfeitures for delays and other breaches of agreement, will be imposed by a) Superintendent of post office b) Sub divisional inspector c) Head of the circle d) None of these

Last Answer : a) Superintendent of post office

Which of the following is not one of the penalties that can be imposed by the BOA? a. Reprimand b. Fine or imprisonment c. Revocation of CPA certificate d. Suspension of CPA certificate

Description : Which of the following is not one of the penalties that can be imposed by the BOA? a. Reprimand b. Fine or imprisonment c. Revocation of CPA certificate d. Suspension of CPA certificate

Last Answer : Fine or imprisonment

The most important source of Public Revenue is (a) Taxation (b) Fees (c) Fines and Penalties (d) Subsidies

Description : The most important source of Public Revenue is (a) Taxation (b) Fees (c) Fines and Penalties (d) Subsidies

Last Answer : (a) Taxation

_____ is another method to solve a given LPP involving some artificial variable? a. Big M method b. Method of penalties c. Two-phase simplex method d. None of the above

Description : _____ is another method to solve a given LPP involving some artificial variable? a. Big M method b. Method of penalties c. Two-phase simplex method d. None of the above

Last Answer : a. Big M method

State the incentives and penalties related with power factor tariff.

Description : State the incentives and penalties related with power factor tariff.

Last Answer : Incentives and penalties related with power factor tariff: In addition to basic tariff (Maximum Demand Tariff / KVA Maximum Demand Tariff / Load factor tariff) the tariff in which P.F. of ... industrial consumer/H.T/ commercial consumers with contract demand above 80 kw/ 100Kva/107 hp consumer.