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Visitor III

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?

1 Comment
TurboTax Specialist

a SEP/SIMPLE IRA withdrawal

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

 

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