Took 84K from simple IRA solely to fund my medical practice. Is there any tax relief here?

Brenda15 · ‎June 4, 2019

MinhT · ‎June 4, 2019

No, there is no exception for funding your medical practice.

The withdrawal is taxable and if you are aged under 59 1/2, there is a early withdrawal penalty of 10%. The penalty is increased to 25% if the withdrawal occurs within the first 2 years of participation in the Simple IRA.

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View solution in original post

MinhT · ‎June 4, 2019

No, there is no exception for funding your medical practice.

The withdrawal is taxable and if you are aged under 59 1/2, there is a early withdrawal penalty of 10%. The penalty is increased to 25% if the withdrawal occurs within the first 2 years of participation in the Simple IRA.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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Took 84K from simple IRA solely to fund my medical practice. Is there any tax relief here?