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.
After you reach age 70Â½, you must take annual withdrawals, called Required Minimum Distributions (RMDs), from your Traditional IRA. If youâre at least age 59Â½ and your Roth IRA has been open for at least five years, you can withdraw money tax-and penalty-free. See Roth IRA rules for ages 59Â½ to 70. With a Roth IRA, there are no required distributions as there are with a Traditional IRA. If youâre between age 59Â½ and 70, there are several important factors that impact annual distributions from an Inherited IRA (not an IRA that youâve simply transferred on your own).