When can withdrawals be taken without penalty?

Q: When can withdrawals be taken without penalty?

Traditional IRA Withdraw penalty free without incurring 10% IRS premature-distribution penalty: Upon reaching age 59 1/2 Qualified educational expenses First time home purchase (lifetime maximum of $10,000 per individual) Disability Catastrophic medical expenses Payment to beneficiaries upon the owner's death Payment of health insurance premiums while unemployed for 12 weeks or longer Withdrawal of earnings and deductible contributions still results in taxable income. Roth IRA Regular contributions can be withdrawn tax and penalty free anytime Earnings can be withdrawn penalty free for any of the following qualified reasons: Age 59 1/2 Disability Death For first time home purchase (lifetime maximum of $10,000 per owner) Education Expenses Large medical expense and health insurance premium while unemployed

Q: When can withdrawals be taken without penalty?

Traditional IRA Withdraw penalty free without incurring 10% IRS premature-distribution penalty: Upon reaching age 59 1/2 Qualified educational expenses First time home purchase (lifetime maximum of $10,000 per individual) Disability Catastrophic medical expenses Payment to beneficiaries upon the owner's death Payment of health insurance premiums while unemployed for 12 weeks or longer Withdrawal of earnings and deductible contributions still results in taxable income. Roth IRA Regular contributions can be withdrawn tax and penalty free anytime Earnings can be withdrawn penalty free for any of the following qualified reasons: Age 59 1/2 Disability Death For first time home purchase (lifetime maximum of $10,000 per owner) Education Expenses Large medical expense and health insurance premium while unemployed

Q: When can withdrawals be taken without penalty?

Traditional IRA Withdraw penalty free without incurring 10% IRS premature-distribution penalty: Upon reaching age 59 1/2 Qualified educational expenses First time home purchase (lifetime maximum of $10,000 per individual) Disability Catastrophic medical expenses Payment to beneficiaries upon the owner's death Payment of health insurance premiums while unemployed for 12 weeks or longer Withdrawal of earnings and deductible contributions still results in taxable income. Roth IRA Regular contributions can be withdrawn tax and penalty free anytime Earnings can be withdrawn penalty free for any of the following qualified reasons: Age 59 1/2 Disability Death For first time home purchase (lifetime maximum of $10,000 per owner) Education Expenses Large medical expense and health insurance premium while unemployed

When can withdrawals be taken without penalty?

Traditional IRA

Withdraw penalty free without incurring 10% IRS premature-distribution penalty:

Upon reaching age 59 1/2
Qualified educational expenses
First time home purchase (lifetime maximum of $10,000 per individual)
Disability
Catastrophic medical expenses
Payment to beneficiaries upon the owner’s death
Payment of health insurance premiums while unemployed for 12 weeks or longer
Withdrawal of earnings and deductible contributions still results in taxable income.

Roth IRA

Regular contributions can be withdrawn tax and penalty free anytime
Earnings can be withdrawn penalty free for any of the following qualified reasons:
- Age 59 1/2
- Disability
- Death
- For first time home purchase (lifetime maximum of $10,000 per owner)
- Education Expenses
- Large medical expense and health insurance premium while unemployed