Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
Returning Member
posted Apr 16, 2018 10:59:41 AM

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?

0 1 919
1 Replies
Employee Tax Expert
Apr 16, 2018 12:18:25 PM

The only exceptions to the early withdrawal penalty are listed below.

 

Are there exceptions to the early distribution penalty on an IRA?