Home Hazard Prevention Tips
Tips to prepare your bike for winter storage so you can be ready to roll next season.
Take an afternoon and complete a test of all your home's safety systems to help keep your family safe.
Learn how to prevent costly water damage to your home by installing a water leak detection system.
Save yourself money and head-aches by learning how to stop and prevent water leaks before they start.
Smart strategies to help keep your kitchen safe and clean.
Car insurance fraud is costing us all. Look out for common types and learn how to help combat the issue.
Help keep your connected home protected with these home security tips. Learn more from State Farm.
Freshen the air in your home with these simple steps.
These four steps can help you and your family recover.
Most house fires are preventable, so take a minute to learn these less obvious causes.
Preparing your family with safe escape routes and instructions can be a lifesaver in the case of an emergency.
Tips for cooking with a fryer without causing a dangerous fire this Thanksgiving.
Stop, drop and roll is only the beginning — fire safety games and practice can help kids get educated.
You're going to need more than one and there are different types, so read this.
The proper placement and power, plus dos and don'ts for your outdoor fire feature.
Looking to buy a home? Our easy-to-use calculator will help you find the terms that work for you.
Get the answers with our refinance calculator.
Which type may be best for you?
Which gives better savings, a home equity loan or line of credit? Find out with this tool.
State Farm is here with resources, tips, and advice to help you get the most out of owning a home
A Multiple Line Discount Can Save You Up to 22%
We can make your home buying/selling process simpler, at no extra cost.
Stay Safe and Connected with Smart Home Discounts
Simple Insights Article Pagehero_imageRetirementInvesting10 Instances for Taking Unpenalized IRA DistributionsSituations in which you may qualify for a distribution from a traditional or Roth IRA.357-10-instances-unpenalized-ira-wide.jpg357-10-instances-unpenalized-ira-block.jpg
Convenience at your fingertips. Services and unique features are there when you need them.
An IRA is designed to help you save for retirement. To ensure that the money goes toward supporting you after you stop working, the law imposes a 10% tax penalty on early withdrawals. Take your money out before you turn 59 1/2, and you generally will incur the penalty tax unless your withdrawal meets one of the standard exceptions.
Here's what's on the list:
- Disability: If you become totally and permanently disabled, you can draw on your IRA accounts without paying the 10% penalty tax.
- Death: Should you die, your beneficiary will receive your IRA without paying the 10% penalty tax.
- Health insurance while you are unemployed: You generally are allowed to withdraw money from your IRA, without paying the 10% penalty tax, up to the amount you pay for health insurance during the taxable year you are separated from employment if you also receive at least 12 consecutive weeks of unemployment compensation (or would have received such compensation but for the fact you were self-employed) and if your IRA distribution is made during the year such unemployment compensation is paid, or the succeeding year.
- Large medical bills: If you have high medical expenses, you can generally take money out of your IRA without the 10% penalty tax for those non-reimbursable expenses that are greater than 10% of your adjusted gross income for the year.
- Substantially equal payments: If your IRA distribution is part of a series of substantially equal periodic (not less frequently than annually) payments made for your life (or life expectancy) or the joint lives (or joint life expectancies) of you and your designated beneficiary, the withdrawal is generally not subject to the 10% tax penalty.
- Qualified education expenses: You can generally use money in your IRA to pay your own or your children's qualified higher educational expenses during the year.
- Purchase of your first house: You can generally take up to $10,000 out of your IRA to put toward the purchase of your first house.
This list is not exhaustive. You can take other types of distributions without paying a 10% tax penalty. For example, if you roll an IRA account into an employer retirement plan, you generally won't pay the 10% penalty tax, nor will you pay the 10% penalty tax for a transfer incident to a divorce.
Read more at the IRS website or talk with your tax professional to determine if your distribution qualifies for an exception to the 10% penalty tax.State Farm® (including State Farm Mutual Automobile Insurance Company and its subsidiaries and affiliates) is not responsible for, and does not endorse or approve, either implicitly or explicitly, the content of any third party sites hyperlinked from this page. State Farm has no discretion to alter, update, or control the content on the hyperlinked, third party site. Access to third party sites is at the user's own risk, is being provided for informational purposes only and is not a solicitation to buy or sell any of the products which may be referenced on such third party sites.Neither State Farm® nor its agents provide tax or legal advice.10 Instances for Taking Unpenalized IRA Distributions10 Instances for Taking Unpenalized IRA DistributionsSavingAn IRA distribution before retirement age can cost you a penalty tax, except for certain purposes. Read about them here.IRA distribution, Traditional IRA distribution, Roth IRA distribution, penalty tax, IRA distributions, roth IRA distributionsAlso importanttcm:17-1525739tcm:17-1363764Related Articlestcm:17-1525453tcm:17-1525431tcm:17-1525861tcm:17-1525447