What if I withdraw money from my IRA? |
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Generally, early withdrawal from an Individual Retirement Account (IRA) prior to age 591/2 is subject to being included in gross income plus a 10 percent additional tax penalty. There are exceptions to the 10 percent penalty, such as using IRA funds to pay your medical insurance premium after a job loss. For more information, see Publication 590, Individual Retirement Accounts. (A 2008 version will be posted shortly.)
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Page Last Reviewed or Updated: January 05, 2009