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Submitted 59 days ago...

Beaker271

New User (2)

I would like to close my IRA. What penalties are involved?

What penalties are involved if I close my IRA and take the cash?

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Answer 1 / 2

Submitted 59 days ago...

mahalo

Professor (1,186)

It depends on what kind of IRA you have.If you have a 401k or something similar, and early withdrawal typically means 10% penalty as well as paying tax on the amount in the IRA.

There are so many IRAs out there, if you want to know what the penalties will be you will have to check with your original documentation or contact the company that manages your account.

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Answer 2 / 2

Submitted 58 days ago...

Fakery

Brain (2,094)

I would talk to your company that you have your IRA opened through. they can walk you through all the penalties that would be assessed.

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