Yes. You may request an IRA withdrawal at any time; however the IRS has very specific documentation and reporting requirements. In order to comply with those requirements, there are several policy items regarding distributions from an IRA.
- A completed and signed Distribution Request from an IRA Form must be obtained from investor before any distributions can be issued. The IRS requires that your withholding election be in writing. Additionally, a new Distribution Request from an IRA Form must be completed for every distribution unless you have established On-Demand distribution, periodic distributions or check writing privileges.
- A separate form is required for account terminations, to request a one-time partial or to change on-demand instructions.
- To request the removal of an excess contribution or to re-characterize a contribution, an IRA Re-characterization or Removal of Excess Contribution Form is required.