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Submitted 44 days ago...

Damselfly472

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What are tax implications for cashing out an ira before retirement

Tax implications

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Answer 1 / 1 - Submitted 44 days ago...

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For a traditional IRA, the amount you take out is subject to income tax at your regular rate, generally both federal and state.

If you are under age 59 1/2, there is also probably a 10% penalty on federal, some exceptions may apply.

Roth IRAs have a more complex tax situation, you would need to take your information to a tax professional for a better answer.

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