Regular IRA early withdrawal??

Question

my annual income for 2007 is $60,000. I'm still employed but I buy my own health insurance and my employer doesn't re-emuburse it.
I paid 12X$300 =$3,600 so far and I have incured a medical bill for about $3,000; Total $6,600, greater than 7.5% of AGI

1.I have a rollover IRA which is hard to manage ($4000) and I would like to withdraw it bcz of above situation.Can I avoid 10% extra tax..
2.Do I have to take the distribution by the end of year, incase I can claim the above health care expense?

How much can I withdraw without penalty?

friend of mine says I need to be UNEMPLOYED TO CALIM HEALTH INSURANCE PREMIUM?
Can I claim any of the above health care expense during my next Tax filing. Every year I use only standard deduction..

Any help is greatly appreciated..

Answer 1

back to the question no you must pay the penalty!!! nice try!!!

Answer 2

1. You can get BETTER insurance for MUCH less.
2. Even if you could avoid the early withdraw penalty, this is the WORST way to fund your medical bills.
3. Unless you have enough deductions WITHOUT the medical to justify itemizing, you medical expenses are not enough to itemize.

Answer 3

Check www.ira.com for early withdrawal limitations.

Answer 4

I don't think is a way you can do it without penalty..