I was forced to take money out of a IRA cause the company closed the plan

is this reason an expection for taking the money out early?

posted

No. You could have rolled the money tax free into a Traditional IRA within 60 days of the distribution. The company should have notified you of your options. If you took the money in cash and are under age 59 1/2 then the penalty applies.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**