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11 Exceptions to the 10% penalty tax on early IRA withdrawals
November 14, 2023
Categories: #hh, Early Withdrawal, IRA, Secure2.0, SEP-IRA, SEPP, Simple IRA
If you’re facing a serious cash shortfall, one possible solution is to take an early withdrawal from your traditional IRA. That means one before you’ve reached age 59½. For this purpose, traditional IRAs include simplified employee pension (SEP-IRA) and SIMPLE-IRA accounts. Here’s what you need to know about the tax implications, including when the 10% early withdrawal penalty tax might apply. Penalty may be avoided In almost all cases, all or part of a withdrawal
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