SIMPLE IRAs and early distributions
All of the special IRA rules for early distributions apply to SIMPLE IRAs, but there is one additional rule. If you are a participant in a SIMPLE IRA and receive a distribution within 2 years of the date you began contributing to it, the early distribution tax increases from 10% to 25%. At the end of 2 years, it falls back to 10%.
Please contact one of our IRA Experts at 800-472-0646 for more information.
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