IRS website for SIMPLE IRA distributions - https://www.irs.gov/retirement-plans/simple-ira-withdrawal-and-transfer-rules
- 10% tax
You have to pay a 10% additional tax on the taxable amount you withdraw from your SIMPLE IRA if you are under age 59½ when you withdraw the money unless you qualify for another exception to this tax. In some cases, this tax is increased to 25%.
- 25% tax
The amount of the additional tax you have to pay increases from 10% to 25% if you make the withdrawal within 2 years from when you first participated in your employer's SIMPLE IRA plan.
Any early distribution penalties will be entered on your federal tax return, Form 1040, as a tax liability.
