You can withdraw from a Traditional IRA when you want, but
if you haven't reached 591/2 you will have to pay a fine of 10%..
Ouch! That stings.
"There are exceptions such as when you take the distribution on contributions made the year for before you file taxes for that tax year."
And...The IRS Says...
"You did not take a deduction for the contribution.
You withdraw any interest or other income earned on the contribution. You can take into account any loss on the contribution while it was in the IRA when calculating
the amount that must be withdrawn. If there was a loss, the net income earned on the contribution may be a negative amount.".
You have to hold the Roth IRA for at least 5 years before distribution, or you might be subject to a 10% early distribution tax. You do not have to take distributions at any age, but your beneficiary, in the event of your death, will have to.
To get more important facts read more on Publication 590 pages 62 - 66
Savings Incentive Match Plans For Employees (SIMPLE) IRA's
Generally the distributions on SIMPLE IRAs are taxed as regular income Early withdrawals can be taxed at 10% to 25%. This can be found on the bottom right of page 69 of Publication 590