Q:

Can you withdraw from your IRA at age 70?

A:

Quick Answer

It is possible to withdraw funds from Individual Retirement Accounts at any time, according to the Internal Revenue Service. Regardless of the account holders age, proof of hardship is not required to request an IRA distribution. However, an early distribution tax may apply.

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Full Answer

Regardless of the person's age at the time of the withdrawal, IRA distribution recipients are required to file a federal form 1040 when filing taxes for the tax year the withdrawal is made, instructs the IRS. Taxpayers are required to report all IRA withdrawal income on federal tax returns.

As of 2015, required minimum distributions of most IRA funds must begin the year the account holder reaches 70 1/2 years old, notes the IRS. The IRS may assess a 10 percent early distribution tax on the income, but only if the recipient is under the age of 59 1/2 years old at the time of the withdrawal.

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