Which emergency withdrawal provisions have had the 10% penalty tax eliminated?
These emergency withdrawals do not have a 10% penalty tax:
- Disaster Relief (FEMA)
- Terminal Illness
- Emergency Expenses
- Domestic Abuse
- Death or Disability
- Substantially Equal Payments
- Unreimbursed Medical above 7.5% of AGI
- Birth or Adoption
- Active-Duty Reservist
- IRS Levies
- Withdrawing after age 59 ½
- Terminating employment after age 55
- Per a court order in a divorce or legal separation
- Withdrawals for certain public safety officers and firefighters
- First Time Home Buyer (IRA Only)
- Health Insurance Premiums (IRA Only)
- Qualified Higher Education Expenses (IRA Only)