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Instructions on How to Use These Calculators

To use the calculators below, simply input the required information into the fields provided. For the Simple IRA Withdrawal Calculator, enter your current age and the amount you wish to withdraw. For the SEP IRA Early Withdrawal Penalty Calculator, enter the amount you plan to withdraw and your age. Hit "Calculate" to see the results.

Simple IRA Withdrawal Calculator

The Simple IRA Withdrawal Calculator helps you determine the amount you will receive after taxes and penalties when you withdraw from your Simple IRA account. Withdrawals prior to age 59½ may be subject to a 10% early withdrawal penalty, in addition to income tax.

SEP IRA Early Withdrawal Penalty Calculator

The SEP IRA Early Withdrawal Penalty Calculator allows you to calculate the penalties you may incur if you withdraw from your SEP IRA before reaching the age of 59½. Early withdrawals are usually subject to a 10% penalty, along with applicable income taxes.

Frequently Asked Questions

What is the penalty for early withdrawal from a Simple IRA?

If you withdraw from a Simple IRA before age 59½, you may face a 10% early withdrawal penalty in addition to income taxes.

Can I avoid the early withdrawal penalty for a SEP IRA?

Yes, there are certain exceptions such as disability, medical expenses, or first-time home purchase that may allow you to avoid the penalty.

How accurate are these calculators?

These calculators provide estimates based on the information you input. It's always best to consult with a financial advisor for precise calculations.