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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: lisalisalisa who wrote (203298)11/8/2002 9:02:43 AM
From: Luis Bardi  Read Replies (1) of 436258
 
I'm in a similar situation. (Under-employed, and living off an IRA)

Paying 10% penalty is not THAT big deal.

The remainder (after that 10%) of the money I take out of my SEP-IRA is taxed as income.

You don't have to pay income tax if you are taking it from a Roth-IRA, but I think there are some time restrictions before you can take it out without penalties. (5 years, I think)

You can go to a book store and browse one of the hundreds of books written about this subject..
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