Exceptions to IRA Penalty Tax

Generally, premature IRA distribution is subject to a 10% penalty tax, EXCEPT if:

• Home Buyer 1st time $10K max 
• Insurance Medical
• Medical expenses > 10% of AGI (OR 7.5% if 65 years old+)
• Disability
• Education
• And
• Death

HIM DEAD

Individual Taxation

Gross Income
<Adjustments>
AGI
<Standard OR Itemized Deductions>
<Exemptions>
Taxable Income

Federal Income Tax
<Tax Credits>
+ Other Taxes
<Payments>
Tax Due OR Refund