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IRA distribution hardship?

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    #1

    IRA distribution hardship?

    Upon looking at pg 12-7 of the TTB, unless I missed something, there is no "Penalty Exception" to an IRA distribution for a TP age 52. Is that correct? Does anyone know if there is any bills pending that may waive the penaly for TP hardship?
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    #2
    No, there are the education, first time homebuyer (up to 10k), death, disability exemptions. NO hardship and none for other qualified plans either. People get confused by the fact that they can sometimes GET a hardship withdrawal from a 401(k), but that does not exempt them from the penalty. It just allows them to get the money.

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      #3
      One proposal I've seen is to do away with the penalty in 2009. Hasn't even been included in a bill, so "don't hold your breath"!

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