irs ira distribution exception fo disability
The Internal Revenue Service has special rules for withdrawing money from IRAs in the event you become disabled. Normally, you must pay income taxes and a 10 percent penalty tax on money removed from your traditional or Roth IRA before you reach age 59 1/2.The IRS will lift some of the restrictions for a disability withdrawal, but the rules are different for traditional and Roth IRAs.owever, money taken out of a traditional IRA is still subject to ordinary income taxes. You must report the withdrawal on your tax return and pay taxes due for the year the withdrawal is made.