2007-03-12 17:57:44 · 5 answers · asked by TNA Ambassador 6 in Business & Finance ➔ Personal Finance
10%, but you've gotta pay the taxes too - ur looking at upwards of half the money gone --> dont do it
2007-03-12 18:44:09 · answer #1 · answered by Byron W 3 · 0⤊ 1⤋
You're in luck because IRA is more flexible than a 401k.
There is a thing called a " penalty free ira".
They don't penalize you for withdrawing early if you have an agreement with the IRS to withdraw early. It depends on how long you expect to live.
2007-03-13 03:05:07 · answer #2 · answered by Geeeyaaa 4 · 0⤊ 0⤋
That all depends on why you're withdrawing it. There are some circumstances in which you don't have to pay penalties and/or taxes on the withdrawals (and some where you have to pay one, but not the other.)
Check out the rules in the following article with the rules (from Smart Money):
http://www.smartmoney.com/retirement/ira/index.cfm?story=supertable
2007-03-13 01:43:35 · answer #3 · answered by ISOintelligentlife 4 · 0⤊ 0⤋
10% off the top and another 10% at the end of the year. Unless it's for hardship or first home or education. It's not a good thing to do unless you are really in dire straits. That is a lot of interest. You could borrow for less if you have credit.
2007-03-13 01:06:16 · answer #4 · answered by MISS-MARY 6 · 0⤊ 0⤋
You pay the taxes on the money you did not pay when you put the money into the IRA.
2007-03-13 01:04:57 · answer #5 · answered by Anonymous · 0⤊ 0⤋