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From: canopus@amdahl.UUCP (Flaming Asteroid)
Newsgroups: net.taxes
Subject: Re: IRA Question
Message-ID: <1043@amdahl.UUCP>
Date: Fri, 25-Jan-85 11:11:45 EST
Article-I.D.: amdahl.1043
Posted: Fri Jan 25 11:11:45 1985
Date-Received: Sun, 27-Jan-85 06:48:27 EST
References: <53400009@hp-pcd.UUCP>
Organization: Amdahl Corp, Sunnyvale CA
Lines: 22

>    Does anyone know what the maxiumun age that you can withdraw money from an
> IRA is? Everything that I read says 59 1/2 to at least 70 1/2 and up to your
> "expected" life span. [...]
> 
> John Eaton
> !hplabs!hp-pcd!john

The IRA rules are:  You cannot withdraw money prior to 59 and 1/2.
                    You must have withdrawn all of it by 70 and 1/2.

The exceptions:  If you withdraw prior to 59 and 1/2, you will have to:
                 1.  Claim the amount withdrawn as normal income
                 2.  Pay a 10% tax surcharge on the amount withdrawn
                 3.  Possibly pay early withdrawal fees if the money
                     was in a time certificate of deposit

                 If it isn't all withdrawn by 70 and 1/2, you will have
                 to claim the remaining balance as ordinary income for
                 that year.
-- 
Frank Dibbell     (408-746-6493)                 {whatever}!amdahl!canopus
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