penalty on simple ira early withdrawal
If you withdraw money from your individual retirement (IRA) account before age 59 and a half, you will generally have to pay a 10% early withdrawal penalty. This is in addition to the regular income tax on the withdrawn amount.f you withdraw money from your individual retirement (IRA) account before age 59 and a half, you will generally have to pay a 10% early withdrawal penalty. This is in addition to the regular income tax on the withdrawn amount.