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I need to know if there is any way to avoid the 10% early withdrawal penalty on my IRA account.

Seattle, WA |

I was let go from my job because in their opinion I didn't return from medical leave on time. I've had three strokes (Aug.30 2012- Sept.28 2012 and Oct.15 2012) I am currently receiving disability from Cigna and have a company working on getting my social security disability approved. I plan on going back to work at some point but I'm not sure when that might be.

Attorney Answers 3

Posted

There are a few limited exceptions that may apply to your situation. If you are unemployed, you can use the withdrawals to pay insurance premiums while unemployed. Another exception is if get a disability letter from social security that states that you are totally and permanent disabled disabled.

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Posted

You may have a disability exception-
Best bet-discuss with an attorney to determine if you qualify.

The answer given does not imply that an attorney-client relationship has been established and your best course of action is to have legal representation in this matter.

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Posted

The lawyer handling your SSDI application might be able to help.

This posting is for informational purposes only. It is not legal advice, nor does it establish an attorney-client relationship. For more information, please visit www.justinelderlaw.com.

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