how many taxes do you pay when you withdraw from your ira
SIMPLE IRA Plan FAQs - Distributions Unless you qualify for an exception, youâll have to pay an additional 10% tax on the amount you withdraw from your SIMPLE IRA. This additional tax increases to 25% if you make the withdrawal within 2 years from when you first participated in the SIMPLE IRA plan. You donât have to pay the additional 10% or 25% tax if: Youâre age 59Â½ or older when you withdraw the money; Your withdrawal is not more than: