"Facebook Live Event on September 23, 2020: Outlining Various Exceptions to the 10% Penalty for Early Withdrawals from IRA"

Video from Facebook live stream from the Facebook group, "Taxes in Retirement," from September 23, 2020. Summary of the nine exceptions to the 10% penalty for making withdrawals from an IRA before age 59 1/2. To join Taxes in Retirement - #TaxPlanning #RetirementPlanning #FinancialPlanning DISCLAIMER: This video is only helpful hints and education. It is not specific tax, legal or investment advice. Before considering acting on anything you see in this video, first consult with your tax, legal or investment advisor. While the information expressed in this video is believed to be accurate, neither Andy Panko, CFP®, RICP®, EA nor Tenon Financial LLC make any guarantees to its accuracy....(read more)

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The Internal Revenue Service (IRS) imposes a 10% early withdrawal penalty on individuals who withdraw funds from their individual retirement account (IRA) before reaching the age of 59 1/2. The penalty is meant to deter people from dipping into their retirement savings before they've had a chance to grow. However, there are certain exceptions to this penalty that you should know about. One of the exceptions, which was discussed during a recent Facebook Live event, is the exception for disability. If you become disabled and are unable to work, you may be able to withdraw funds from your IRA without having to pay the penalty. You will need to provide proof of your disability, such as a doctor's statement, and the withdrawal must be made before you reach the age of 59 1/2. Another exception is for medical expenses. If you have unreimbursed medical expenses that exceed 7.5% of your adjusted gross income, you may be able to withdraw funds from your IRA without penalty. This includes expenses for yourself, your spouse, or your dependents. However, the expenses must be for treatments or procedures that would be tax-deductible if you itemized your deductions. In addition, you may be able to withdraw funds from your IRA without penalty to pay for a first-time home purchase. You can withdraw up to $10,000 from your IRA for this purpose, but you must use the funds within 120 days of withdrawal. The definition of a first-time homebuyer is someone who has not owned a home in the previous two years. Other exceptions to the 10% early withdrawal penalty include distributions made to pay for higher education expenses, to pay for certain types of insurance, and for qualified reservist distributions. It's important to note that while these exceptions allow you to avoid the 10% penalty, you may still have to pay income tax on the amount withdrawn. It's important to weigh the pros and cons of early withdrawal from your IRA and to consult with a financial advisor before making any decisions. While there are exceptions to the 10% early withdrawal penalty, it's best to use your retirement savings as they were intended – for your retirement. https://inflationprotection.org/facebook-live-event-on-september-23-2020-outlining-various-exceptions-to-the-10-penalty-for-early-withdrawals-from-ira/?feed_id=99310&_unique_id=646830e528393 #Inflation #Retirement #GoldIRA #Wealth #Investing #FinancialPlanning #ira #IRAEarlyWithdrawalPenalty #retirementplanning #sepp #SubstantiallyEqualPeriodicPayment #TaxEfficientRetirementPlanning #TaxPlanning #taxesinretirement #TERP #SEPIRA #FinancialPlanning #ira #IRAEarlyWithdrawalPenalty #retirementplanning #sepp #SubstantiallyEqualPeriodicPayment #TaxEfficientRetirementPlanning #TaxPlanning #taxesinretirement #TERP