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Can an individual receive distributions from a traditional individual retirement account (IRA) prior to age 59 1/2 and not be subject to the premature distribution penalty of 10%?

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Distributions will be penalty free if timely and properly rolled over into another IRA within60 days, upon death or disability of the participant, after separation from service that are part of a series of substantially equal payments, for first time home buyers (limited to $10,000 during lifetime), for qualified higher education expenses, and for the purchase of medical insurance premiums by certain unemployed individuals.

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