I have read several versions of the meaning of the word Esopus. The one I like is that shop-us is an Algonquin term for flowing waters and high banks and the e was prefaced to make the word easier to pronounce but also because of the similarity with Asopus, the name of several rivers in ancient Greece.
The IRS tacks a 10 percent penalty onto other taxes due when you withdraw money from a traditional IRA before you are age 59 1/2. You can tap an IRA to pay unreimbursed medical expenses for yourself and members of your family.he same rules govern early distributions from a Roth IRA that apply to traditional IRAs. If the withdrawal meets the exception criteria for paying medical expenses or health insurance premiums when you lose your job, you donât have to pay the penalty.
Federal Tax Consequences of Roth IRA Withdrawals. If you take a qualified withdrawal from a Roth IRA, you won't pay income tax on the money. But you must be older than 59 1/2 to take a qualified withdrawal and your Roth IRA must be at least five years old.arly Withdrawal Penalties. The federal government tacks on a 10-percent penalty if you take money out of your IRA before age 59 1/2 unless an exception applies. You must also pay income tax on the withdrawal. Exceptions include using the money to buy a first home, higher education or high medical costs.