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J
jwmtime
February 10, 2025
Question

This is for a SIMPLE IRA with more than two years of participation, what does this mean and does it apply to me?

  • February 10, 2025
  • 1 reply
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In Wages & Income, I have a SIMPLE IRA for more than two years.

    1 reply

    M
    MinhT1
    February 10, 2025

    For a SIMPLE IRA, if you withdraw before the age of 59 1/2, there is an early withdrawal penalty of 10% (in addition to income tax on the amount withdrawn).

     

    This penalty is increased to 25% if the withdrawal occurs within the first 2 years of participation.

     

    Please read this IRS document for more information.

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