Savers can access individual retirement account funds before 59½ without a 10% penalty in some cases. But it's generally not a good idea to raid savings early.
The IRA withdrawal can be used for you, a spouse or your child, among other qualifying family members. If both you and your spouse are first-time homebuyers, each can take distributions up to $10,000 without penalty.
For example, if your AGI is $100,000 in 2022, you can use a withdrawal this year to cover unreimbursed medical expenses over $7,500.Slott cautioned against one end-of-year snag. If you put a medical bill on your credit card this week or next, that medical expense would count for the 2022 tax year — even if the credit-card bill itself isn't paid until 2023.
In all, it's a rigid definition that's hard to meet, Slott said. In practice, someone must generally be near death or bedridden and unable to work, he said.9. Active reservistsReservists in the Army, Navy, Marine Corps, Air Force, Coast Guard or Public Health Service may be exempt from penalty.
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