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Location: Westland, Michigan, United States

Graduate of Walsh Institute Of Accountancy (Now Walsh College) Michigan in 1959. Retired in 1987, but still active in the profession **World War II Veteran (Pacific) **PHONE 734-261-1979 **E-MAIL -cpabakem01@yahoo.com **(Domain Name CPASENSE Registered) **Mentioned in the Journal of Accountancy, SmartPros, Tax Prof Blog, CPA2BIZ, CPA Journal, AccountingWEB, CPATrendlines & More **Search Accounting Blogs: http://www.blognetnews.com/accounting (Includes cpasense)**TOPICS - FINANCE - FEDERAL & MICHIGAN TAXES ** Making Sense Of Your Finance & Taxes

Saturday, September 30, 2006

IRA Distributions

Unless you're age 59 1/2 at the time of the disribution, you'll be liable for a 10% penalty. There are a number of exceptions to the penalty. The most common ones (there are others and read the fine print before acting) that you may qualify for:

* distrubutions to pay deductible medical expenses
* amounts to pay qualifying medical insurance premiums to cetain unemployed individuals
* qualified higher education expenses for you, your spouse, children, or grandchildrenm and
* up to $10,000 for first time homebuyer expenses for a principal residence.

Form 5329 http://www.irs.gov/pub/irs-pdf/f5329.pdf
Form 5329 Instructions ( See Exceptions - Bottom of Page 2 and top of Page 3) http://www.irs.gov/pub/irs-pdf/i5329.pdf

7 Comments:

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