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I'm self employed. I opened a SEP IRA in Jan, of 2001 with Vanguard. After doing my taxes I found out I was not eligible to have a SEP IRA. My Roth IRA is maxed out so I can't put this excess into it. What Vanguard told me is that I have to pay the early withdrawel fee of 10%, which is the IRS's rule. Is there any way around this. The penalty is going to be 300.00 maybe more. Is there a strategy other than eating the penalty. I hope this makes some sense. thank you
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