The show is a smart mix of humor and social commentary, and has had a diverse lineup of guest stars, including Colin Hay of Men at Work, Brendan Fraser, Dick Van Dyke and, in one of his...read more.
Traditional IRA distributions are taxable and, unless you're 59 1/2 years old, subject to an extra 10 percent tax penalty. However, if you qualify as a first-time home buyer, you avoid the additional tax, but not regular income taxes, on your distribution. For example, assume you're not yet 59 1/2 years old, that you pay a 25 percent tax rate and that you take a $10,000 distribution for your first home.
If you make an early withdrawal from a Roth IRA that is not a qualified distribution, the IRS slaps you with a 10 percent additional tax penalty.You will need to record non-qualified, early distributions on your tax return, and you are responsible for paying income tax on those amounts, plus the 10 percent penalty.arnings on contributions are considered last when withdrawing money early from a Roth IRA. You must pay regular income tax plus the 10 percent penalty on these amounts.