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If you are under 59 1/2 and buy a SPIA and it is not for a life certain period but only period certain is it subject to 10% penalty by IRS?

No, but unless the period certain is greater or equal to life expectancy, it is not tax advantaged. (First dollar out is taxed as long as any gain in account.) Also, I am assuming this is not already in a qualified retirement account.
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