Withdraw funds from your IRA too early, or without meeting special exceptions, and your withdrawal may be taxed heavily.
The amount of the additional tax you have to pay increases from 10 percent to 25 percent if you make the withdrawal within two years from when you first participated in your employer's SIMPLE IRA plan. You may be able to transfer money in a tax-free rollover from your SIMPLE IRA to another IRA (except a Roth IRA) or to an employer-sponsored retirement plan (such as a 401(k), 403(b), or governmental 457(b) plan). After the 2-year period, you can make tax-free rollovers from SIMPLE IRAs to other types of non-Roth IRAs, or to an employer-sponsored retirement plan.


At the top of this page you state "Generally, you have to pay income tax on any amount you withdraw from a SIMPLE IRA". Angie’s List is the trusted site where more than 3 million households go to get ratings and reviews on everything from home repair to health care.
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However, during the 2-year period beginning when you first participated in your employer's SIMPLE IRA plan, you can only transfer money to another SIMPLE IRA.


You can also roll over money into a Roth IRA after the 2-year period, but must include any untaxed money rolled over in your income.



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