4 Ways to Withdraw From Your IRA Early WITHOUT the 10% Penalty

🚨 Did you know you can withdraw from your IRA before age 59½ WITHOUT paying the 10% penalty? Most people don't know about these 4 legal exceptions that could save you thousands! In this video, financial advisor Dustin Tibbetts breaks down the 4 ways to access your IRA funds early without getting hit with costly penalties: 🏠 FIRST-TIME HOME PURCHASE EXCEPTION: Withdraw up to $10,000 penalty-free Doesn't have to be your actual first home Must be your first primary residence in 2 years Both spouses can withdraw $10,000 each if married Use within 120 days of withdrawal 🎓 HIGHER EDUCATION EXCEPTION: Pay for tuition, room & board, books, meal plans Must be an accredited institution Can be used for yourself or dependents Still pay income tax, but avoid 10% penalty 🏥 MEDICAL EXPENSES EXCEPTION: Medical expenses must exceed 7.5% of adjusted gross income Can't be expenses already reimbursed by insurance Covers you, spouse, and dependents Includes long-term care expenses 💼 UNEMPLOYMENT HEALTH INSURANCE EXCEPTION: Must be unemployed for at least 12 consecutive weeks Can pay health insurance premiums penalty-free Covers spouse if filing jointly Must withdraw within the year or following year of unemployment Must stop withdrawals 60 days after re-employment 💡 KEY TAKEAWAYS: ✅ You'll still pay income tax on withdrawals ✅ Keep detailed records for potential IRS audits ✅ These should be last-resort options ✅ Consider other financial alternatives first Jazz Wealth Managers helps individuals and families achieve financial security through retirement planning and investing strategies. Our videos offer actionable guidance on navigating Roth IRA's, 401ks, IRAs, Social Security, and more. Whether you're approaching retirement or just getting started, learn how to make informed financial decisions for a prosperous future. Subscribe for more! #retirement #retirementplanning #dohstr8 ---Ready to subscribe--- https://www.youtube.com/jazzwealth?sub_confirmation=1 For more information visit: https://www.jazzwealth.com/ --- Instagram @jazzWealth --- Facebook https://www.facebook.com/JazzWealth/ --- Twitter @jazzWealth Business Affairs 📧Support@JazzWealth.com Jazz Wealth Advisors was recently ranked #36 among financial advisors in the USA by USA Today (Financial Pros) as of April 2025. This ranking was published on 04/22/2025 and was prepared by the Financial Pros without any compensation paid by Jazz Wealth Advisors. The ranking is based on advisors with an AUM of up to $500M. Rankings and recognition from rating services are no guarantee of future investment success and do not ensure that a client or prospective client will experience a higher level of performance. For more information about the methodology used in this ranking and other important disclosures, please visit USAToday.com. Jazz Wealth Advisors is a registered fiduciary investment advisor. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. 00:00 - IRA Early Withdrawal Penalty Rules 00:32 - First-Time Home Purchase ($10K Exception) 01:32 - Higher Education Expenses (College Tuition) 02:03 - Medical Expenses (7.5% AGI Rule) 02:47 - Unemployment Health Insurance Premiums 03:41 - Record Keeping & Tax Requirements 04:22 - When to Use These Exceptions 04:55 - Jazz Wealth Dough Score System 05:45 - Subscribe & Contact Information