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- 1). Contact the custodian of your IRA online, over the telephone or through the mail. Your IRA's custodian is a bank, a brokerage, an insurance company, a mutual fund company or some other investment entity.
- 2). Request a full distribution from your IRA online, over the telephone or through the mail. Logistical procedures for receiving an IRA distribution vary from custodian to custodian. Some allow the process to occur electronically, while others require a phone call or a mailed and signed document. Because you are not bound by a contract to hold your IRA for a set period of time, getting out simply requires that you take a distribution that equals the full amount of the account. Instruct your custodian to close your account after processing your withdrawal.
- 3). Assess the tax consequences of your decision. If you are 59 1/2 or older, the IRS does not penalize you for withdrawing funds from an IRA. Traditional IRA proceeds must be added to your income for tax purposes in the year you take the distribution. If the owner is 59 1/2, Roth IRA withdrawals are tax-free after the account has been open five years. As noted in IRS Publication 590, generally, IRA distributions before 59 1/2 are subject to an additional 10 percent tax penalty.
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