how much is the penalty for early withdrawal from a simple ira
What additional taxes may apply to SIMPLE IRA withdrawals? Unless you qualify for an exception, youâll have to pay an additional 10% tax on the amount you withdraw from your SIMPLE IRA. This additional tax increases to 25% if you make the withdrawal within 2 years from when you first participated in the SIMPLE IRA plan.You donât have to pay the additional 10% or 25% tax if:nless you qualify for an exception, youâll have to pay an additional 10% tax on the amount you withdraw from your SIMPLE IRA. This additional tax increases to 25% if you make the withdrawal within 2 years from when you first participated in the SIMPLE IRA plan. You donât have to pay the additional 10% or 25% tax if: