Early Withdrawal Sep Ira

September 24th, 2008

Question: How do I take my distribution out of IRA account with out paying penalty?

I am a sole-proprietor of a small business corporation (applied for S-corporation election for 2006). I have made a contribution to business retirement account for 2006. After making the contribution, I realized that S-corporations can not make contributions to SEP-IRA.

Now I have to take the distribution out of my IRA. Is there any way to do this with out getting fined by IRS for Early Withdrawal.

-thanks

Answer: If it shouldn’t be there to begin with, you will only get penalized if you don’t take it out.

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