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Financial Planner

Category - Retirement Savings and Income Planning

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At what age can a taxpayer withdraw amounts from IRAs without incurring an early withdrawal penalty?

50 ½
59 ½
65
70

Explanation

Answer: B - Regardless of the type of IRA, taxpayers cannot begin to withdraw funds from an IRA until he or she reaches age 59 ½. If the taxpayer does withdraw funds before that age, he or she is subject to a 10% excise tax penalty.

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