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I have been doing some reading lately and have arrived at the following conclusions regarding penalty free withdrawals from IRAs...

In particular, I am interested in the following three exceptions to the IRA 10% penalty for early withdrawals:

1) Health Insurance: Once you have been out of work for 12 straight weeks you can use money from an IRA to keep your health insurance in force.

As I understand things, you may continue making these payments, penalty free, from your IRA for as long as you like with one exception: if you return to work you will be assessed a penalty for early withdrawal payments used to pay health insurance premiums after you have been at work for 60 days (i.e. the first 60 days you are back at work you may continue to make penalty free health insurance payments from your IRA).

2) Home Buying: $10,000 lifetime limit allowed to be withdrawn for purchase of home (must not have owned a home in the previous two years)

3) Education (post-high-school): expenses allowed include tuition, room and board, fees, books, supplies, etc. These expenses extend to you, your spouse, your children and even your grandchildren

Note: I believe each of the above exceptions apply equally to all "before tax" IRAs ("regular" IRAs, rollover IRAs, SIMPLE and SEP IRAs). Correct?

I appreciate your corrections and/or clarification.

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