In general, withdrawals from an IRA are relatively simple. You simply notify the custodian or trustee and they should have no reason to hold up your request for withdrawal. Before you make that withdrawal, and especially if you're under the age of 59 1/2, recognize that there will be a penalty although there are a couple of minor exceptions. Regardless of whether you're over the age of 59 1/2 or not, the distribution will be taxable in the year of your withdrawal. With this in mind and knowing we are very late in the year, try to determine if it would make more sense to make the withdrawal next year rather than this year or whether a split distribution, partially in 2016 and the balance in 2017 would be more advantageous to you and your family. I hope this helps and good luck
Did we answer your question?
WalletHub Answers is a free service that helps consumers access financial information. Information on WalletHub Answers is provided “as is” and should not be considered financial, legal or investment advice. WalletHub is not a financial advisor, law firm, “lawyer referral service,” or a substitute for a financial advisor, attorney, or law firm. You may want to hire a professional before making any decision. WalletHub does not endorse any particular contributors and cannot guarantee the quality or reliability of any information posted. The helpfulness of a financial advisor's answer is not indicative of future advisor performance.
WalletHub members have a wealth of knowledge to share, and we encourage everyone to do so while respecting our content guidelines. This question was posted by WalletHub. Please keep in mind that editorial and user-generated content on this page is not reviewed or otherwise endorsed by any financial institution. In addition, it is not a financial institution’s responsibility to ensure all posts and questions are answered.
Ad Disclosure: Certain offers that appear on this site originate from paying advertisers, and this will be noted on an offer’s details page using the designation "Sponsored", where applicable. Advertising may impact how and where products appear on this site (including, for example, the order in which they appear). At WalletHub we try to present a wide array of offers, but our offers do not represent all financial services companies or products.