Question

Certain medical insurance premiums paid while unemployed are exempt from early IRA withdrawal 10 percent penalty. Whats the criteria.

Forum|Forum|7 years ago
June 5, 2019
2 replies
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P

phv750Author

I’m asking about medical premiums while unemployed not medical expenses

L

Leonard11_2

Employee

Distributions from both IRAs and 401(k) plans used to pay for medical expenses not reimbursed by health insurance that exceed 10% of your adjusted gross income are not subject to the early withdrawal penalty.

Withdrawals from IRAs used to pay health insurance premiums while unemployed are exempt from the 10% penalty if all the below requirements are met.Unemployment compensation is received for at least 12 consecutive weeks.

[Edited 04/10/2019 | 7:50 am PDT]