Early Withdrawal

Question: Can I take an IRA hardship withdrawal without penalty if I lost my job due to foreign competition?

I lost my job. So I rolled over my 401k to an IRA. I took a withdrawal to pay off some debts and now have to pay taxes on it. But am I exempt from the 10% early distribution penalty if I lost my job due to foreign competition? (as defined in Trade Assistance Act)

Answer: no.

However, if you were paying for health insurance then that is one of the items that is exempt. Get with your tax preparer and go down the full list of exempt expenses.

The Ulster Troubles (Part 24 Final)