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.
Roth IRAs: 1  Roth contributions (but not earnings) can be withdrawn penalty-and tax-free any time, even before age 59 Â½. 2  five tax years after the first contribution, you can withdraw up to $10,000 of Roth earnings penalty-free to pay for qualified first-time homebuyer expenses.hatâs because it determines whether the tax rate you pay on your Roth IRA contributions (todayâs tax rate) is higher or lower than what youâd pay on your traditional IRAâs withdrawals in retirement. Of course, itâs hard to predict what federal and state tax rates will be 10, 20 or even 40 years from now.