Will I have to pay a penalty if I withdraw from my Traditional IRA?

If the member is under the age of 59 ½ and they withdraw from their Traditional IRA they will be liable for the 10% early withdrawal penalty in addition to any taxes they may owe based on their tax bracket. We are not able to determine what their tax liability may be since everyone’s income tax bracket is different.

If the member is over age of 59 ½ and they withdraw from their Traditional IRA there is no early withdrawal penalty.