Business and Personal Finance Dictionary

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• TAX AND PENALTY-FREE WITHDRAWALS
  
  You can take money out of your IRA tax-free and penalty-free as long as you repay the full amount within 60 days. You can only do this once every 12 months. Penalty free withdrawals also are allowed if you become disabled or in special financial circumstances, such as the purchase of a first home, to pay higher education costs or to cover some medical expenses.
  
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