Can distributions be taken from Traditional, SEP or SIMPLE IRAs while the owner is still working?

Distributions from IRAs (including SEP and SIMPLE IRAs) can be taken at any time.

Distributions from Traditional IRAs will generally be includible in the owner's taxable income and may also be subject to a 10% early distribution penalty if the owner has not attained age 59½. The early distribution penalty is increased to 25% if the owner is under 59½ and receives a distribution from their SIMPLE IRA in the first 2 years they participate in the SIMPLE IRA plan.

Refer to the IRS Publication 590-B for more information.