Traditional IRA Penalty Exceptions

Withdrawals can be made without penalty if you are under age 59½ and are making the withdrawal for one of the following reasons:

• Death of the account owner
• Part of a series of substantially equal periodic payments
• Health insurance premium payments for unemployed individuals
• Payments of medical expenses in excess of 7.5% of an individual's adjusted gross income
• Qualified first-time homebuyer
• Higher education expenses
• IRS levy