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Consequences of liquidating ira

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At turning 69 before the end of the calendar year, can I cash out of my IRA without penalty?Also, is the gross amount that I receive treated just like any other income on my tax return?Generally, early withdrawal from an Individual Retirement Account (IRA) prior to age 59½ is subject to being included in gross income plus a 10 percent additional tax penalty.There are exceptions to the 10 percent penalty, such as using IRA funds to pay your medical insurance premium after a job loss.When someone leaves you an individual retirement account, or IRA, you can find yourself at the tricky three-way intersection of estate planning, financial planning and tax planning.One wrong decision with the inherited account can lead to expensive consequences, and good luck trying to persuade the IRS to give you a do-over.Please register to participate in our discussions with 2 million other members - it's free and quick!

Income tax applies whether you take out a little, a lot or all of it.

Instead, the beneficiary will be forced to take the money out of the IRA under the five-year rule.

For substantial accounts, that can add up to a monstrous income tax bill -- unless the IRA is a Roth, in which case, taxes were paid before money went into the account.

Similarly, since all Roth IRA distributions are nondeductible, you get those out tax-free but you'll have to pay income taxes on any earnings.

Suppose you've got ,000 of contributions in your Roth IRA and a total of ,000 in the account when you liquidate it.