Are withdrawals taxable?

Any deductible contributions and earnings you withdraw or that are distributed from your traditional IRA are taxable. Additionally, if you are under the age of 59 ½ you may have to pay an additional 10% tax for early withdrawals, unless you qualify for an exception.

It's important to consider the tax implications before making withdrawals. We recommend consulting a trusted tax professional or financial advisor, as Aspiration does not provide tax advice.