IRS Will Allow No-Penalty Withdrawals from IRAs
If you made a regular IRA contribution during 2008, but now wish you'd kept the
money in your pocket, the IRS will let you pull the cash out penalty-free -- but only if you act fast. Most folks know that
the deadline for putting money into a tax-deductible Individual Retirement Account for 2008 is April 15: Tax Day. But a
little-known section of the tax code says that while the IRA deposit window is open, the money can go both ways -- in
and out. That means if you were making contributions during 2008, but now find yourself laid-off or in other financial
trouble, you can yank out the 2008 contribution, without penalty. Read more...
