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2 IRA”s, Early withdrawal penelties

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Last Updated On
ByBob

L1: 2 IRA”s, Early withdrawal peneltiesHi GFW
I currently (age 55)have 2 seperate IRA rollover accounts from qualified plans. The larger is under SEPP and I understand cannot be messed with in any way.
The smaller of the 2, I will use to make some early withdrawals to suppliment the monthly SEPP amounts, which are smaller than expected due the low interest rate.
I understand that I have to pay a 10% penelty as well as regular income tax for the early withdrawals. Is that it or am I missing some other penelty/tax?
Thanks for all of your help.2003-02-20 15:58, By: Bob, IP: [127.0.0.1]

L2: 2 IRA”s, Early withdrawal peneltiesYour understanding iscorrect.2003-02-21 15:04, By: Gfw, IP: [127.0.0.1]

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