investing






 

Question by  LAS (13)

How do I go about cashing in my IRA?

What do I need to know?

 
+6

Answer by  tamarawilhite (17883)

You simply contact the brokerage, close the account, and deposit the check received. However, this can result in paying income taxes on the money plus a 10% penalty if you are younger than 60.

 
+4

Answer by  Latin4 (11170)

You will be paying a hefty tax on taking it out. Talk to the institution that handles the IRA. They can better answer your question.

 
You have 50 words left!