IRA: Earliest Distribution

[Guest RW]

What are the rules for the earliest one can take distributions from an IRA? Cites?

[Michael Devault]

According to IRS Publication 590, there are no minimum age restrictions for taking distributions from an IRA. However, if they are taken prior to age 59-1/2, they are subject to a 10% premature distribution penalty unless one of the exceptions is met.

One of these exceptions is a series of substantially equal periodic payments over the life expectancy of the taxpayer (or joint expectancies of the taxpayer and beneficiary). Thus, if a "life income" is taken, there is no minimum age at which it can begin, and it is not subject to the penalty.

Hope this helps.