I was told that since I am on total disability that I can take my money out of my IRA with no penalty. Is this true?

ANSWER

Expert Matthew Peterson's Answer:

IRS Tax Topic 557 provides a list of exceptions to the 10% additional tax for early distributions from Traditional and Roth IRAs. It specifically notes that there is an exception for early distributions that are "made on account of disability". More detailed information can be found in IRS Publication 590.

Matthew Peterson, CPA

Washington

4 yrs experience

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