What happens if you withdraw your IRA between age 59.5 to age 70.5?

Answer 1

If it is a Traditional IRA, the distribution amount is taxed as ordinary income. Also, the 10% IRS early withdrawal penalty no longer applies.

Answer 2

If you withdraw from your IRA between ages 59.5 and 70.5, there are no penalties for early withdrawal. However, you will still need to pay income taxes on the withdrawn amount. Once you reach age 70.5, you will be required to start taking minimum distributions from your traditional IRA.