Ashlea Ebeling

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2,002 appearances 38 recordings 1 series first heard Jul 2022 last heard Feb 2025

Ashlea Ebeling’s voice in public audio — every appearance, attributed to the second.

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But for someone living paycheck to paycheck, that could mean groceries. voice-verified

It's a pretty broad definition. voice-verified

The new rule applies to regular retirement accounts, not Roth accounts. voice-verified

Basically, it lets you take up to $1,000 out of a pre-tax individual retirement account or 401k penalty free. voice-verified

That's what's new, the fact that you don't have to pay a penalty on the early withdrawal if you're under 59 and a half. voice-verified

So there's a specific list, things like medical bills, auto repairs, funeral expenses. voice-verified

But the thing that's really interesting is this catch-all phrase that just says any other necessary emergency personal expenses. voice-verified

So for someone living paycheck to paycheck, that could mean groceries. voice-verified

It's a pretty broad definition. voice-verified

They don't ask for proof up front. voice-verified

When you file your tax return, you'll be checking a box saying that the 10% penalty exception applies because it's an emergency. voice-verified

Exactly. voice-verified

And obviously on audit, there could be a question, theoretically. voice-verified

So it depends if it's an IRA or a 401k. voice-verified

If it's an IRA, you would typically just call the administrator or go online and request the distribution. voice-verified

And then you kind of deal with the exception to the penalty on your tax return. voice-verified

It is one time per calendar year. voice-verified

You can make only one emergency withdrawal a year. voice-verified

And there's this other rule, it's the lesser of $1,000 or your vested account balance over $1,000. voice-verified

And basically that just means, for example, if you only have $1,500 saved in your account, you could only take out $500. voice-verified

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