What is the earliest date that he can take a distribution

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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

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Reference no: EM132365573

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