You can withdraw and avoid a penalty if:
- you are using the funds to purchase your 1st home.
- To pay for extraordinary medical expenses.
- To pay for higher education expenses.
- To pay for disaster relief expenses.
- The IRS enforces a levy to pay for back taxes.
the maximum contribution is subject to the annual gift tax exclusion. Currently, the exclusion is $18,000 for a single parent and $36,000 for a married couple.
Do not attempt to represent yourself!!! We routinely represent clients with Federal and State audits to minimize exposure. Give us a call and let us take the burden off your shoulders.
There are a few requirements that must be met to qualify. We can quickly review your business structure and recommend changes to ensure you qualify.
There are income limitations, however, there are many exceptions to the general rule. Please contact us for an evaluation.
No, our firm offers free consultations to prospective clients.