SEP/SIMPLE IRA withdrawal

[mrsinneedofhelp]

a SEP/SIMPLE IRA withdrawal

hello, iworked with a company for 19 years before it closed. i took my 401K paid my penalty's , used some of the money to hold me till i found a new job the other i put in the bank in a SEP/SIMPLE IRA , i haven't touched it in lets say at least 17 years . i found myself in need and withdrew close to 9000.00$ is there any way of getting out of the extra 10% tax?

[mrsinneedofhelp]

hello, iworked with a company for 19 years before it closed. i took my 401K paid my penalty's , used some of the money to hold me till i found a new job the other i put in the bank in a SEP/SIMPLE IRA , i haven't touched it in lets say at least 17 years . i found myself in need and withdrew close to 9000.00$ is there any way of getting out of the extra 10% tax?

[KimE]

Hi -  If you are under age 59.5 there are a number of rules that apply, however there are a few exceptions.  For your references, you can visit: https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-tax-on-early-distri... I hope this is helpful.