What are the conditions for getting money out without taxes or tax penalties?
The basic conditions are that the withdrawal occurs after the fifth taxable year of the initial contribution, and that the withdrawal occurs because of death, disability, to cover expenses up to $10,000 associated with a first home purchase, or attainment of age 59 1/2. (Note: Withdrawals of substantially equal periodic payments, medical expenses greater than 7.5% of Adjusted Gross Income, health insurance for certain unemployed, qualifying educational expenses, or qualifying first home purchase expenses are subject to federal income taxation but no tax penalty).
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- What are the conditions for getting money out without taxes or tax penalties?
