Generally, a qualified charitable distribution is an otherwise taxable distribution from an IRA (other than an ongoing SEP or SIMPLE IRA) owned by an individual who is age 70½ or over that is paid directly from the IRA to a qualified charity. See Publication 590-B, Distributions from Individual Retirement Arrangements (IRAs) for additional information.
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Can I take money from my traditional IRA, or my SEP or SIMPLE IRA, while I am still working?
You can take distributions from your IRA (including your SEP-IRA or SIMPLE-IRA) at any time....
Do I request the distribution check directly from my employer or from the financial institution where contributions to my SEP or SIMPLE IRA are invested?
You will need to contact the financial institution holding your IRA assets.
If I withdraw money from my IRA before I am age 59 1/2, which forms do I need to fill out?
Regardless of your age, you will need to file a Form 1040 and show the amount of the IRA...
Can I deduct the 10% additional early withdrawal tax as a penalty on early withdrawal of savings?
No, the additional 10% tax on early distributions from qualified retirement plans does not...
Will I have to pay the 10% additional tax on early distributions if I am 47 years old and ordered by a divorce court to take money out of my traditional IRA to pay my former spouse?
Yes. Unless you qualify for an exception, you must still pay the 10% additional tax for taking an...
