What is the penalty for withdrawing from a rollover IRA?
What is the penalty for withdrawing from a rollover IRA?
Pay Penalties Unless you’ve got a valid, IRS-approved reason, taking money out of your rollover IRA will trigger a 10 percent penalty. This is on top of the taxes you’re hit with. To avoid the additional damage, you’ll have to be older than 59 1/2 when you make your withdrawal.
