Peer to peer free sex cams - Liquidating ira for home purchase
This additional tax increases to 25% if you make the withdrawal within 2 years from when you first participated in the SIMPLE IRA plan.
Once you take the money out, you're giving up the tax-free growth indefinitely.
You can't "make up" the difference by putting those contributions back in, should you have a windfall, and so there's no way to make up for lost time to rebuild your nest egg.
Generally, the same tax results apply to distributions from a SIMPLE IRA as to distributions from a regular IRA.
However, a special rule applies to a distribution received from a SIMPLE IRA during the 2-year period beginning on the date on which you first participated in your employer’s SIMPLE IRA plan.
No matter the circumstance, the money you receive becomes taxable income.