Ira's

[frankday]

What is the name of your state? Wisconsin
At MATURITY date on my traditional IRA, Can I receive money and transfer the remaining balance else where ??
I opened an IRA account / with NO clue of investment .
My job moved out of country ,I had 401 with them ,I had to tranfer it over I went to a bank and they set me up with IRA.
It will mature this Dec.2006.
I am in need of a vehicle and since job cahanges my income is less,I need to buy a vehicle ,Can I receive money @ maturity date for a vehicle?

thank you for any advice out there

 

[anteater]

You should keep all your posts on the same subject in one thread.

An IRA does not have a maturity date. The CD's that you hold in the IRA are maturing.

Yes, you can withdraw money from the IRA. However, any money that you withdraw will be considered taxable income. And, if you are under 59-1/2, you will also pay an income tac penalty.

You can also transfer the money elsewhere. But, if you do not transfer it to another IRA, it will also be considered a withdrawal and, therefore, taxable.