Can I withdraw from my IRA early without a penalty?
Normally, distributions before age 59½ are subject to a 10% early withdrawal penalty + income tax. However, you may qualify for penalty-free withdrawals if used for:
- First-time home purchase (up to $10,000)
- Qualified higher education expenses
- Birth or adoption (up to $5,000)
- Certain medical expenses or disability
Consult your tax advisor before withdrawing to ensure eligibility and minimize penalties.
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