How to Document IRA Withdrawals for Medical Bills

The Internal Revenue Service intends for you to use money in an individual retirement arrangement for retirement, so it imposes a 10 percent penalty on money you withdraw before you reach retirement ...

If you need to take early distributions, find out which exemptions allow you to avoid expensive consequences.
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The tax treatment of a Roth IRA distributions depends on whether the distribution is qualified. Qualified distributions from Roth IRAs are tax and penalty free, but nonqualified distributions may be subjected to tax and an early distribution penalty. Qualified Distribution Defined For a distribution to be qualified, it must occur at least five years after the Roth IRA owner established and funded his/her first Roth IRA, and the distribution must occur under at least one of the following conditions: The Roth IRA holder is at least age 59.5 when the distribution occurs.
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