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IRS.gov Website
Publication 590
taxmap/pubs/p590-009.htm#en_us_publink1000230701

When Can You Withdraw or Use Assets?(p32)

rule
You can withdraw or use your traditional IRA assets at any time. However, a 10% additional tax generally applies if you withdraw or use IRA assets before you are age 591/2. This is explained under Age 591/2 Rule under Early Distributions, later.
You generally can make a tax-free withdrawal of contributions if you do it before the due date for filing your tax return for the year in which you made them. This means that, even if you are under age 591/2, the 10% additional tax may not apply. These withdrawals are explained next.
taxmap/pubs/p590-009.htm#en_us_publink1000230703

Contributions Returned
Before Due Date of Return(p33)

rule
If you made IRA contributions in 2013, you can withdraw them tax free by the due date of your return. If you have an extension of time to file your return, you can withdraw them tax free by the extended due date. You can do this if, for each contribution you withdraw, both of the following conditions apply.
Note.If you timely filed your 2013 tax return without withdrawing a contribution that you made in 2013, you can still have the contribution returned to you within 6 months of the due date of your 2013 tax return, excluding extensions. If you do, file an amended return with "Filed pursuant to section 301.9100-2" written at the top. Report any related earnings on the amended return and include an explanation of the withdrawal. Make any other necessary changes on the amended return (for example, if you reported the contributions as excess contributions on your original return, include an amended Form 5329 reflecting that the withdrawn contributions are no longer treated as having been contributed).
In most cases, the net income you must withdraw is determined by the IRA trustee or custodian. If you need to determine the applicable net income on IRA contributions made after 2013 that are returned to you, use Worksheet 1-4 above. See Regulations section 1.408-11 for more information.
taxmap/pubs/p590-009.htm#en_us_publink1000230704
Pencil

Worksheet 1-4. Determining the Amount of Net Income Due To an IRA Contribution and Total Amount To Be Withdrawn From the IRA

1.Enter the amount of your IRA contribution for 2014 to be returned to you1.
2.Enter the fair market value of the IRA immediately prior to the removal of the contribution, plus the amount of any distributions, transfers, and recharacterizations made while the contribution was in the IRA 2.
3. Enter the fair market value of the IRA immediately before the contribution was made, plus the amount of such contribution and any other contributions, transfers, and recharacterizations made while the contribution was in the IRA 3.
4.Subtract line 3 from line 24.
5.Divide line 4 by line 3. Enter the result as a decimal (rounded to at least three places)5.
6. Multiply line 1 by line 5. This is the net income attributable to the contribution to be returned6.
7. Add lines 1 and 6. This is the amount of the IRA contribution plus the net income attributable to it to be returned to you7.
taxmap/pubs/p590-009.htm#en_us_publink1000230706

Example.(p33)

On May 2, 2014, when her IRA is worth $4,800, Cathy makes a $1,600 regular contribution to her IRA. Cathy requests that $400 of the May 2, 2014 contribution be returned to her. On February 2, 2015, when the IRA is worth $7,600, the IRA trustee distributes to Cathy the $400 plus net income attributable to the contribution. No other contributions have been made to the IRA for 2014 and no distributions have been made.
The adjusted opening balance is $6,400 ($4,800 + $1,600) and the adjusted closing balance is $7,600. The net income due to the May 2, 2014, contribution is $75 ($400 x ($7,600 – $6,400) ÷ $6,400). Therefore, the total to be distributed on February 2, 2015, is $475. This is shown on Worksheet 1-4. Example—Illustrated, later.taxmap/pubs/p590-009.htm#en_us_publink1000230707
Pencil

Worksheet 1-4. Example—Illustrated

1.Enter the amount of your IRA contribution for 2014 to be returned to you1.400
2.Enter the fair market value of the IRA immediately prior to the removal of the contribution, plus the amount of any distributions, transfers, and recharacterizations made while the contribution was in the IRA 2.7,600
3. Enter the fair market value of the IRA immediately before the contribution was made, plus the amount of such contribution and any other contributions, transfers, and recharacterizations made while the contribution was in the IRA 3.6,400
4.Subtract line 3 from line 2 4.1,200
5.Divide line 4 by line 3. Enter the result as a decimal (rounded to at least three places)5..1875
6. Multiply line 1 by line 5. This is the net income attributable to the contribution to be returned6.75
7. Add lines 1 and 6. This is the amount of the IRA contribution plus the net income attributable to it to be returned to you 7.475
taxmap/pubs/p590-009.htm#en_us_publink1000230709

Last-in first-out rule.(p33)

rule
If you made more than one regular contribution for the year, your last contribution is considered to be the one that is returned to you first.
taxmap/pubs/p590-009.htm#en_us_publink1000230710

Earnings Includible in Income(p33)

rule
You must include in income any earnings on the contributions you withdraw. Include the earnings in income for the year in which you made the contributions, not the year in which you withdraw them.
EIC
Generally, except for any part of a withdrawal that is a return of nondeductible contributions (basis), any withdrawal of your contributions after the due date (or extended due date) of your return will be treated as a taxable distribution. Excess contributions can also be recovered tax free as discussed under What Acts Result in Penalties or Additional Taxes, later.
taxmap/pubs/p590-009.htm#en_us_publink1000230714

Early Distributions Tax(p33)

rule
The 10% additional tax on distributions made before you reach age 591/2 does not apply to these tax-free withdrawals of your contributions. However, the distribution of interest or other income must be reported on Form 5329 and, unless the distribution qualifies as an exception to the age 591/2 rule, it will be subject to this tax. See Early Distributions under What Acts Result in Penalties or Additional Taxes, later.
taxmap/pubs/p590-009.htm#en_us_publink1000230716

Excess Contributions Tax(p34)

rule
If any part of these contributions is an excess contribution for 2012, it is subject to a 6% excise tax. You will not have to pay the 6% tax if any 2012 excess contribution was withdrawn by April 15, 2013 (plus extensions), and if any 2013 excess contribution is withdrawn by April 15, 2014 (plus extensions). See Excess Contributions under What Acts Result in Penalties or Additional Taxes, later.
Tax Tip
You may be able to treat a contribution made to one type of IRA as having been made to a different type of IRA. This is called recharacterizing the contribution. See Recharacterizations, earlier, for more information.