I have read several versions of the meaning of the word Esopus. The one I like is that shop-us is an Algonquin term for flowing waters and high banks and the e was prefaced to make the word easier to pronounce but also because of the similarity with Asopus, the name of several rivers in ancient Greece.
The IRS tacks a 10 percent penalty onto other taxes due when you withdraw money from a traditional IRA before you are age 59 1/2. You can tap an IRA to pay unreimbursed medical expenses for yourself and members of your family.he same rules govern early distributions from a Roth IRA that apply to traditional IRAs. If the withdrawal meets the exception criteria for paying medical expenses or health insurance premiums when you lose your job, you donât have to pay the penalty.
You can withdraw money from your account at any time. If the money is used to cover medical expenses, you never pay any taxes on it. Any money not used grows tax-deferred, like an IRA. IMPORTANT: you must have your HSA insurance in place before December 1st in order to qualify for this valuable tax deduction for 2015.