What are the rules for an ira?

Earned income is a requirement to contribute to a traditional IRA, and your annual contributions to an IRA cannot exceed what you earned that year. These rules don't apply if you've simply transferred another IRA to your own IRA, but are specific to inherited IRAs. In any case, before making any early withdrawal from your IRA, you should consult with your tax or legal advisor to ensure that you comply with the rules. Just as IRA rules generally dissuade you from withdrawing your money too early, other rules require you to start withdrawing money from a traditional IRA no later than April 1 of the year following the year you turn 72.