![]() You're a member of the military reserves called to active duty for more than 179 days. You withdrew funds to pay for health insurance while you were unemployed. You used the money to pay for medical expenses that exceed 7.5% of your adjusted gross income. You withdraw funds to satisfy an IRS levy. You become totally and permanently disabled. Some of the most common exceptions to the 10% penalty are: If you do, the IRS charges a 10% penalty for the early withdrawal, unless you meet one of the exceptions. In general, you're not supposed to take money out of your IRA or 401(k) before age 59½. ![]() We'll go into each of these three areas in more detail.
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