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If it is a Traditional IRA and you are over 59 1/2 there is no early withdrawal penalty. However, the amount you draw out is taxable since it has never been taxed before. If it is a ROTH IRA, only the earnings would be penalized and then only if you have not had the ROTH for at least 5 years.

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16y ago
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Q: If you cash out your you i r a at 62 is there a penalty?
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