malthoff62
1 Answer
Tom Rogan
Yes you can, but there is a 10% federal income tax penalty for early withdrawal from an IRA.
Since you are unemployed you may NOT have a tax liability for 2011, if your adjusted gross income is low.
In an average year, since the Bush tax rate cuts, the bottom tax rate was reduced to 10% from 15%, around 49% of all workers have NO income tax liberty because if low income. Some even get a refund GREATER than the amount of income taxes withheld during the year
Consult a tax Attorney there are a few limited exceptions to the 10% penalty law.
| 12 years ago. Rating: 1 | |
Why do you keep creating new accounts? Stick with one please.
The person asked a simple question ,and you ramble on about nothing.Why not give the answer pure and simple or leave it to someone else like Colleen.
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