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Do I have to pay the ten percent penalty on early withdrawal from my simple plan if I use the money to add solar to my home that I own?

jenkin7 · Posted: Thu Mar 18, 2010 11:21 pm Post subject:

Hi net,

Early withdrawals from your simple IRA will attract penalties. If you are withdrawing money within the first 2 years after the first contribution is made to the simple IRA account, you will be subject to a hefty penalty of 25%. Moreover, if the withdrawal is made before the age of 59.5, you will have to pay an additional penalty of 10%. The withdrawal is exempt from penalty under certain conditions. But if you are not purchasing a primary home and are simply adding solar to my home, your withdrawal will not be exempt from penalty.

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