how can I withdraw my retirement account if I am less than 59 1/2 without penalties?
2007-07-16 12:44:42 · 4 answers · asked by Bill R 7 in Business & Finance ➔ Personal Finance
The tax law does allow an exemption form the penalty if you make "substantially equal payments over your life". The paragraph below is copied from IRS Publication 590.
Annuity. You can receive distributions from your traditional IRA that are part of a series of substantially equal payments over your life (or your life expectancy), or over the lives (or the joint life expectancies) of you and your beneficiary, without having to pay the 10% additional tax, even if you receive such distributions before you are age 59½. You must use an IRS-approved distribution method and you must take at least one distribution annually for this exception to apply. The “required minimum distribution method,” when used for this purpose, results in the exact amount required to be distributed, not the minimum amount.
2007-07-16 14:02:05 · answer #1 · answered by STEVEN F 7 · 1⤊ 0⤋
If you are first time homebuyer, totally disable, and I mean totally. Or for hardship. Must consult your accountant before you make decision. Try this site
Need Money?
I felt what you are feeling now. frustrated and with no result in getting a loan? needing to raise capital to start a business or to pay off bills, and no one to help you. why dont you visit this site it just might be what you"re looking for. "if you dont seek you wont receive"
http://urlx.org/payloadz.com/e0c31
2007-07-16 12:53:53 · answer #2 · answered by gs 1 · 0⤊ 1⤋
Not a wise thing to do, but you may be able to borrow from your retirement account. If you have a 401k/403b, ask the administrator.
2007-07-16 13:10:04 · answer #3 · answered by astatine 5 · 0⤊ 1⤋
You can't. There is not that much 'fun' in this.
2007-07-16 12:52:04 · answer #4 · answered by tlbrown42000 6 · 0⤊ 1⤋