What is the earliest date that he can take a distribution

Reference no: EM132365573

Assigned case:

Dogwel Cunedda is facing an unexpected financial obligation. His house was damaged by recent floods, and he did not have flood insurance. Other expenses related to the flooding forced him to declare bankruptcy, so he has no ability to borrow money. However, he does have a large individual retirement account (IRA). Dogwel was born on April 4, 1960. He knows that he will have to pay income tax on any distribution from the IRA, but wants to avoid the 10% early withdrawal penalty. Judy Moody, financial adviser, told him that any withdrawals made this year and used for home repairs would be free from the penalty.

Is Judy right? If not, what is the earliest date that he can take a distribution and avoid the 10% penalty.

Requirements:

1- Memo format as the sample attached

2- You must use RIA

3- Remember, you must document your use of the required research tool. Take a screen shot and attach it as the last page of your memo. It just needs to be enough to let me know you used the right tool and your research was generally headed in the right direction. No more than one page. You can use as many different sources as you want, but you must document your use of the one required tool.

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Reference no: EM132365573

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