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.
Early Distributions. A withdrawal from an IRA made before the age of 59 1/2 is considered an early distribution.. While you can take your Roth IRA contributions out at any time, you are not afforded the same freedom for investment earnings like capital gains, dividends and interest. Investment earnings you take in an early distribution are subject to a 10-percent early withdrawal penalty and normal taxes.