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Financial Planning / Tax Strategies


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.
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