Question by  LAS (13)

How do I go about cashing in my IRA?

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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