The Motley Fool Discussion Boards

Previous Page

Financial Planning / Tax Strategies

URL:  https://boards.fool.com/yes-you-could-do-that-but-there-would-be-a-10-29538151.aspx

Subject:  Re: Penalty for early distribution from Simple I Date:  9/13/2011  12:47 PM
Author:  vkg Number:  113958 of 132878

Yes, you could do that. But there would be a 10% penalty (assuming you are not yet 59.5) and it would be reportable as income.

There is a 10% federal penalty. Your state may also assess a penalty.
Copyright 1996-2021 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us