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IRA Rule: 10% Tax Exemptions
Did you know that with the IRA withdrawal rules that if you take out your money early you can be hit hard with penalty fees?
However, you may not have to pay the 10% additional tax on withdrawing your funds unless you meet a 5 year rule that applies, or it the following IRA exemptions:
- You have reached age 59 1/2.
- You are disabled.
- You are the beneficiary of a deceased IRA owner.
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