Age

• Earnings, rollover funds and contributions normally must stay in IRA accounts until age 59 1/2. Contributions to Roth IRAs are an exception and can be withdrawn anytime.
  
  

Roth Five-Year Rule

• Regardless of age, earnings cannot be withdrawn from Roth IRAs until an account is five calendar years old. The calendar year the account is opened counts as a full year.
  
  

Mandatory Distributions

• For traditional (but not Roth) IRAs, you must begin mandatory minimum distributions at age 70 1/2. The amount depends on life expectancy and the size of the account.
  
  

Penalties

• Improper withdrawals incur a penalty tax of 10 percent of the amount withdrawn plus regular taxes. There is a 50 percent tax penalty for failure to make mandatory minimum distributions.
  
  

Exceptions

• You can withdraw funds early to purchase a first home or for qualified education costs. The beneficiary who inherits an IRA can withdraw the funds anytime without penalty.
  
  

Hardship Withdrawals

• If you become disabled, have unreimbursed medical costs in excess of 7.5 percent of annual income or need to pay health insurance premiums while unemployed, you can withdraw funds early.