Two Days In A Librarianâs Life www.voicesforthelibrary.org.uk Librarians have varied and interesting jobs! This librarian works 15 hours per week in a Local Studies post, and has shared with us the enquiries they researched and responded to, with the help of one assistant, in just two days last week...
With a few exceptions, early withdrawals from traditional or Roth IRAs generally incur a tax penalty equal to 10% of the taxable amount. To calculate the penalty on an early withdrawal, simply multiply the taxable distribution amount by 10%. An early distribution of $10,000, for example, would incur a $1,000 tax penalty.
Tip. 1  Roth IRA owners are free to withdraw contributions (principal) at will without tax or penalty. 2  You can sidestep the early withdrawal penalty if you use the money to fund a first-home purchase, cover higher education expenses, or to pay medical expenses that exceed 7 percent of your MAGI.