Archive for the ‘SIMPLE IRA’ Category
Simple Ira Faq
April 2nd, 2011
Simple Plan Untitled how could this happen to me
Posted in SIMPLE IRA | 
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Simple Ira And 401k
March 31st, 2011
Question: I want to cash out my entire IRA?
I have a SIMPLE IRA floating around from a previous job with about $1,000 in it, and i need to cash it out to pay off a credit card. I need to know if i can do this, how soon, and what are the consequences to it? i know it’s not a 401k but i know the IRA is similar, help?
Answer: with the simple, there’s a 25% penalty if you cash out within 2 years of when you started working for the company. longer than that, it’s a 10% penalty.
this is in addition to paying regular income tax on the value of the account.
Recessionproof Real Estate Investing with a Self Directed IRA LLC or Solo 401k