Can I gift an IRA to a relative?
How do I establish an inherited IRA beneficiary distribution account?
How much will I lose if I cash out my 4o1k?
What are the penalties for a withdrawal from an SEP IRA?
What are the penalties for cashing in an IRA early?
What are the pros and cons of cashing out an IRA?
What considerations should I make when cashing out my roth IRA?
finance investing money retirement taxes
Question by LAS (13)
What do I need to know?
Answer by tamarawilhite (17883)
You simply contact the brokerage, close the account, and deposit the check received. However, this can result in paying income taxes on the money plus a 10% penalty if you are younger than 60.
Answer by Latin4 (11170)
You will be paying a hefty tax on taking it out. Talk to the institution that handles the IRA. They can better answer your question.
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