If you need to access funds from your traditional IRA, there are several ways to do so without incurring taxes or penalties. One of the most common methods is to wait until you reach 59 and a half years old, at which point you can withdraw funds from a Roth or traditional IRA with no penalty for the most part. Additionally, if you are disabled, you can withdraw funds from the IRA without penalty. If you die, your beneficiaries will not be subject to withdrawal penalties either.
Another option is to take advantage of the IRS's 60-day IRA renewal rule. This allows you to withdraw money from your traditional IRA and use it for any purpose, as long as you return the full amount before the end of the 60 days. You can do this once per 12-month period. However, this is a risky option and should only be used if absolutely necessary.
You can also withdraw funds from your traditional IRA without penalty if you or your immediate family members want to pay for qualifying educational expenses, such as tuition, fees, books, supplies, and necessary equipment. In addition, you can use retirement funds to pay for the purchase of a home for the first time (up to a lifetime maximum of 10,000). Finally, if you have an inherited Roth IRA that has been open for at least 5 years, you can withdraw the money you have contributed (but not the profits) without paying taxes. There is also an exception for divorce-related transfers if they are made under an instrument of divorce or separation.
