10 Tips For the Unemployed
dd
Use your IRA for health insurance
Typically, if you take money from an Individual Retirement Account before age 59.5, you must pay a 10% penalty in addition to ordinary income taxes on the withdrawal. But there are exceptions. For example, if you use IRA money to pay health insurance premiums while you're out of work (and have collected unemployment compensation for 12 weeks), you won't have to pay a penalty, just ordinary income taxes. For details, see IRS publication 590, "Individual Retirement Arrangements (IRAs)."
Related Links
finance
, personal finance
, economy
Most Popular
Related Galleries (27)
-
Financial Mistakes That Could Haunt You Forever (9 photos)
After the sudden drop in the Dow this time last year, many investors... -
Host A Holiday Party For Less (7 photos)
According to a poll done by ABC news, Americans are planning to spend... -
5 Hot Career Paths For Future Grads (7 photos)
Returning to school to upgrade (or begin) an education leading to a... -
Nudging in the wrong direction (5 photos)
Minimum-payment requirements may be counterproductive...