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The author of post 24269 wants out of his annunity and says, " ...but there is the government's 10% penalty to deal with."

I have an annunity but was not aware of this 10% penalty. Can someone please tell me about this penalty.

Please answer a 2nd question.

I am self employed and own a small business but do not have employees. I read that a Simplified Employee Pension (SEP-IRA) is an IRA set up by an employer for a firm's employees. An employer may contribute up to $30,000 or 15% of an employee's compensation annually to each employee's IRA.

My question is this. As the owner of a company with no employees do I quality for up to 15% contributions to a SEP-IRA ?

Thanks in advance, bw
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