2006-12-05 14:46:41 · 8 answers · asked by mac_a379 1 in Business & Finance ➔ Taxes ➔ United States
Yes but with a 10% penalty and around 35% income taxes..
If you can prove a "hardship withdraw" you can get it tax free and pay it back into the account (a self loan) or taxed at the regular rate without penalty. A primary home purchase is also a "hardship withdraw" but sometimes hard to prove depending on your financial situation.
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2006-12-05 14:53:00 · answer #1 · answered by MN-Mike 4 · 0⤊ 2⤋
You can withdraw funds from your IRA at any time. Such distributions will be subject to income tax and a 10% early withdrawal penalty. If one of the following apply the 10% penalty will not apply:
1. You become permanently and totally disabled.
2. Distributions are part of a series of substantially equal periodic payments.
3. To pay medical expenses in some situation.
4. Made under a QDRO order in a divorce.
2006-12-06 06:35:37 · answer #2 · answered by waggy_33 6 · 1⤊ 0⤋
Yes.
You will be taxed at your regular tax rate, plus a 10% penalty in addition to the regular taxes, so if you're in the 35+% bracket you will pay 40-455% effective rate for the year.
Check with your local bank, maybe they can help you do anything else.
GOD bless
2006-12-05 22:51:40 · answer #3 · answered by May I help You? 6 · 1⤊ 0⤋
There are no "hardship" provisions that will allow you to withdraw the money tax and penalty free. It is your money. You can withdraw it at any time but you will pay federal income taxes, a 10% penalty, and state income taxes (if applicable). I advise against it.
2006-12-05 23:13:37 · answer #4 · answered by Wayne Z 7 · 2⤊ 1⤋
I really think that funding is in great shape. Just prepare the
note with a financial goal. Go to the chamber of commerce,
look at building some credibility within conservation or invests.
Look at the team efforts to spend more at better rates. The
whole budget is breaking up in the street prices, and there must
be some model spenders. Good area to start.
2006-12-05 22:52:56 · answer #5 · answered by mtvtoni 6 · 0⤊ 2⤋
You can withdraw but it may be a lot cheaper to try to get a small loan from your bank. Yo'll pay a lot of penalties for withdrawing.
If you have a hardship (need to pay rent, you lost your job, you have outrageous medical expenses) then you may withdraw without penalty.
2006-12-05 23:07:57 · answer #6 · answered by hawkthree 6 · 0⤊ 2⤋
you will be taxed big time. check out www.daveramsey.com he has wonderful information and a radio show that you can listen to online or you can call the show during the week he will help you out
2006-12-05 23:00:54 · answer #7 · answered by barnett95 3 · 1⤊ 2⤋
Yes, but you will pay big., and it is a tax deduction.
2006-12-05 22:50:04 · answer #8 · answered by Anonymous · 0⤊ 0⤋