Can I cash out my sep ira?
The answer to your questions are YES you can take the money from you SEP IRA and you may be able to get the penalty waived. For varying reasons, people are sometimes forced to distribute assets before the age 59.5. Distributions that occur before the IRA owner reaches the age of 59.5 are subjected to a 10% early-withdrawal penalty, in addition to any income tax, but the IRS will waive this early-withdrawal penalty when distributions are used for: To pay medical insurance: Individuals can make a penalty-free distribution to pay medical insurance for themselves, their spouses, and dependents, providing the distribution occurs under the following four conditions: * The individual has lost his or her job. * The individual has received unemployment compensation paid under any federal or state law for 12 consecutive weeks. * The individual receives the distributions during either the year he or she receives the unemployment compensation or the following year. * The individual receives the di
