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    3. I have all my savings in a IRA account and am unemployed. Can I draw my money out? I am 49 years old
    I have all my savings in a IRA account and am unemployed. Can I draw my money out? I am 49 years old

    I am soon going to be homeless

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    0  Views: 380 Answers: 1 Posted: 13 years ago
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      1 Answer

      Yes you can, but there is a 10% federal income tax penalty for early withdrawal from an IRA.


      Since you are unemployed you may NOT have a tax liability for 2011, if your adjusted gross income is low. 


      In an average year, since the Bush tax rate cuts, the bottom tax rate was reduced to 10% from 15%,  around 49% of all workers have NO income  tax liberty because if low income.  Some even get a refund GREATER than the amount of income taxes withheld during the year


      Consult a tax Attorney there are a few limited exceptions to the 10% penalty law.


       


       

      13 years ago. Rating: 1
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        Colleen

        Moderator
        Why do you keep creating new accounts? Stick with one please.
        commented 13 years ago
        dowsa

        The person asked a simple question ,and you ramble on about nothing.Why not give the answer pure and simple or leave it to someone else like Colleen.
        commented 13 years ago


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