I am 50 years old and have been unemployed for some time. Can I take money from my IRA without a penalty?

I am 50 years old and have been unemployed for some time. Can I take money from my IRA without a penalty?

Usually, withdrawals prior to age 59½ are not only taxable but also subject to an early distribution penalty of 10%. While there is no general penalty exception for being unemployed, you may avoid penalty if the withdrawals don’t exceed medical insurance premiums. To qualify, you must be unemployed and have received government unemployment benefits for at least 12 consecutive weeks. The penalty-free amount of the withdrawal is limited to premiums paid in the year you meet the 12-consecutive-weeks test or in the following year.