Early IRA w/drawal without penalty?
Can a 40 yr old take an early w/drawal from and IRA w/out incurring penalty if funds are used to pay for funeral expenses on early death of a brother?
Can a 40 yr old take an early w/drawal from and IRA w/out incurring penalty if funds are used to pay for funeral expenses on early death of a brother?
Permalink Submitted by Al Fry on Fri, 2008-10-31 14:22
Whose IRA is it?
Permalink Submitted by Michael Hassett on Fri, 2008-10-31 14:33
Is tshe 40 yr old.the one who is living
Permalink Submitted by Michael Hassett on Fri, 2008-10-31 14:36
No mom aand dad or other family members.Hardship situation?
Permalink Submitted by Jose Morales on Fri, 2008-10-31 16:47
Unfortunately this situation does not qualify for an exception to the 10% premature distribution penalty. The exceptions are as follows:
– Death of the IRA owner
– Disability
– Health Insurance Premiums
– Medical Expenses
– First Time Home Purchase
– Higher Education Expenses
– IRS Levy
– Substantially Equal Periodic Payments
You can take a distribution of IRA funds and use them however you wish and as long as you return them to an IRA account (rollover) within 60 days you will also avoid the early withdrawal penalty.
Permalink Submitted by Michael Hassett on Fri, 2008-10-31 17:57
thx