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Needing help with an IRA/CD.

Needing help with an IRA/CD.
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Answered in 1 hour by:
7/8/2013
Rakhi Vasavada
Rakhi Vasavada, Financial and Legal Consultant
Category: Finance
Satisfied Customers: 4,546
Experience: Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years
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rakhivasavada :

Dear Friend,

Hello and welcome. Thank you for using Just Answer.

rakhivasavada :

Can you please exactly what you need help with ? I would be obliged if you can please elaborate on your question so that I can help.

rakhivasavada :

Warm Regards,

Customer:

I have a cd/IRA. I just moved it from one company to a bank. I recently had some unexpected expenses pop up and was curious if I could take from that rather than taking a bank loan?

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Customer reply replied 4 years ago

You never answered my question.

Dear Friend,

Hello and welcome again. Thank you for your follow up question. Perhaps I lost you on chat so could not see your reply. Anyways, I can read it now.

Kindly note that CDs and IRA would be treated differently when you withdraw it early before its due time. When you are withdrawing from a CD, yes, you can certainly do it. You might be charged a very nominal fee for early withdraway. This varies from bank to bank. There will be no other consequences of a withdrawal from a CD.

Coming to IRA. This would be little different. If you are under 59 1/2 and withdraw from IRA early, you would be subjected to 10% of additional penalty over and above the income tax as per your applicable bracket.

So, I would suggest taking money out of CD first and only then touch your IRS. You have the follwing link as an excellent reference pertaining to IRS rules on early withdrawal.

http://www.bankrate.com/finance/money-guides/irs-rules-for-early-ira-withdrawals-1.aspx

If you do not have any other questions, you may rate this positively.

After rating this positively, if you are done with this in particular and if you wish to pay more for services, you will have option to add bonus.

 

Alternatively feel absolutely free to revert with more queries if you have.

Warm Regards

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Dear Chad,

Are you able to read my reply ? Let me reproduce it here again for you just in case if you missed it.

------

Hello and welcome again. Thank you for your follow up question. Perhaps I lost you on chat so could not see your reply. Anyways, I can read it now.

Kindly note that CDs and IRA would be treated differently when you withdraw it early before its due time. When you are withdrawing from a CD, yes, you can certainly do it. You might be charged a very nominal fee for early withdraway. This varies from bank to bank. There will be no other consequences of a withdrawal from a CD.

Coming to IRA. This would be little different. If you are under 59 1/2 and withdraw from IRA early, you would be subjected to 10% of additional penalty over and above the income tax as per your applicable bracket.

So, I would suggest taking money out of CD first and only then touch your IRS. You have the follwing link as an excellent reference pertaining to IRS rules on early withdrawal.

http://www.bankrate.com/finance/money-guides/irs-rules-for-early-ira-withdrawals-1.aspx

If you do not have any other questions, you may rate this positively.

After rating this positively, if you are done with this in particular and if you wish to pay more for services, you will have option to add bonus.

 

Alternatively feel absolutely free to revert with more queries if you have.

Warm Regards

 

-----------

 

If I have missed out on any aspect of your question, kindly elaborate and tell me what exactly can we do to help you. Kindly explain me the core of your question so that I can assist at my best.

 

Warm Regards,

Rakhi Vasavada
Rakhi Vasavada, Financial and Legal Consultant
Category: Finance
Satisfied Customers: 4,546
Experience: Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years
Verified
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Rakhi Vasavada, Financial and Legal Consultant
Category: Finance
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Experience: Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years

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