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.
Yes, you can withdraw funds from either a traditional or Roth IRA to pay for higher-education expenses. You may have to pay income tax on some or all of the money â depending on the type of account you have and how long you've held it â but you won't pay any additional penalties.or instance, if you take $10,000 out of a traditional tax-deductible IRA to pay for college tuition, you'll have to report the full $10,000 to the IRS as earnings and pay federal and state income tax at your current rate.