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.
Contributions are not tax deductible. No tax-free withdrawals. Tax-free withdrawals for qualified distributions. Withdrawal penalty of 10% if you are under the age of 59 1/2 (Some exceptions apply.). Withdrawal penalty of 10% on earnings if you are under the age of 59 1/2 (Some exceptions apply.Must also meet Roth IRA five-year aging requirement.).Eligibility under age 70 1/2 with earned compensation.here are two primary benefits of a Traditional IRA. Roth IRA. A Roth IRA is a more recent form of a retirement savings plan. The principal benefit of a Roth IRA is that all earnings will accumulate tax-free if the withdrawal meets the qualifications of a qualified distribution.