Try to avoid these stupid IRA mistakes
It’s been just about a month since the traditional IRS Income Tax filing deadline of April 15. Many of us either took advantage of our IRAs last year or we now we wish we had. Since it’s not to late for the current tax year of 2010 it’s a good time to review these do’s and don’ts of successful IRA management from the Financial Planning Association.

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if someone under age 59 1/2 wants to take money out of a Traditional IRA, they would have to pay a 10 % penalty and taxes. But what if they converted the Traditional IRA to a Roth IRA first? (and they can maybe convert only the amount they need). Then – as I understand Roth IRAs – there is no 10% penalty to withdraw from a Roth. Is this true?
Also, Can you w/d from a Roth anytime without incurring or do you have to wait 5 years after conversion?

I am looking into withdrawing my IRA early, I was told to withhold an amount in order not to be penalized later on by the state and the IRS, what percentage should it be?

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