what are the penalties if you want to withdraw money from an IRA mutual fund account??
2007-07-05 13:39:16 · 3 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
10%
There are a few exceptions.
See the link below.
2007-07-05 13:45:10 · answer #1 · answered by mister_galager 5 · 0⤊ 0⤋
Assuming that you are not 59.5 years old and it is a Traditional IRA, you would pay Federal Income Taxes, State Income Taxes (if applicable) plus a 10% Federal Penalty. The 10% Penalty would not apply if you have a qualifying reason (1st time home purchase, education, etc.)
If it is a Roth IRA, you can alway take out your contributions tax and penalty free.
2007-07-05 20:46:01 · answer #2 · answered by Wayne Z 7 · 1⤊ 0⤋
A 10% penalty plus income taxes (at yourr current income rate) plus the potential for capital gains taxes.
Withdrawing money from a traditional IRA is about the dumbest financial thing you can do. You will lose about half your money!
2007-07-05 20:48:19 · answer #3 · answered by Anonymous · 0⤊ 2⤋