How Do You Withdraw IRA Monies Without Penalty?
Individual Retirement Account (IRA) monies are supposed to be untouched until the individual reaches 59 1/2 years of age, becomes disabled or dies. However, there are exceptions to the penalty for early withdrawals. Withdraw money from an IRA to which you contributed in 1999. You can do this until April 17, 2000 without penalty. Withdraw IRA money equal to the year’s qualified medical expenses minus 7.5 percent of your adjusted gross income. This is the amount that would equal your medical deduction on Schedule A. Withdraw without penalty IRA money equal to college tuition, fees, books and supplies paid during the year. Withdraw up to $10,000 without penalty to purchase a home if neither you nor your spouse has owned a house in the past two years. Withdraw IRA money equal to health insurance premiums paid while you were unemployed.
