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.
You can withdrawal your contributions tax-free from a Roth IRA at anytime, but you must pay taxes on your earnings if you withdraw them before you reach 59 1/2 years-old and use the money to fund education expenses. There is no 10% early withdrawal penalty if it is used for qualified education expenses. Qualified education expenses are tuition, fees, books, supplies, equipment, and room and board (in most cases), and you can use the funds for educational expenses for yourself, your spouse, your children or your grandchildren.