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I would like to know how much my IRA is with you . An if i can cash it in .

+4 votes
I would like to know how much is my 401 k with you.
asked Sep 12, 2013 in Annuities by anonymous
   

1 Answer

+3 votes
Calculate your tax liability. If you are over the age of 59-1/2, you will only need to pay income tax for the year that the funds were paid to you. If you are under the age of 59-1/2, you will be subject to an additional penalty of 10 percent, or 25 percent if you have participated in the plan for less than 2 years.
Determine how long you have participated in your Simple IRA. The "2-year period" rule will increase your withdrawal tax penalty from 10 percent to 25 percent if you are under 59-1/2 years of age and you have been contributing to the plan for less than 2 years. The 2-year period begins on the date that you first participated in the Simple IRA plan offered by your employer.
For more you can refer to this site.
http://www.wikihow.com/Withdraw-from-a-Simple-IRA
answered Sep 13, 2013 by bbrown Inquisitive Expert (97,580 points)

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