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What are the requirements for taking distributions from a Rollover IRA?

If you're 59½ or older, you're allowed to withdraw from your IRA without penalty. 10% early withdrawal penalty may apply for withdrawals taken prior to age 59½ if no exceptions apply. The IRS does not require you to withdraw from a Traditional or Rollover IRA until you reach the age of 70½. However, depending on your account type (Traditional or Roth), you may be taxed on your withdrawal.

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