Transfer money
I would like to transfer $1000.00 to my checking account , not the entire IRA amount. I need to meet an emergency. How would that affect me.
Terry Says
If you are “transferring” it from an IRA, it will be considered a withdrawal. You will pay ordinary income taxes on the money. And, if you’re under age 59-1/2, you will pay a 10% penalty. Make sure you have money outside the account to pay the taxes.
