What is the penalty for closing a Roth IRA early?

Answer The decision to close a Roth IRA early merits serious consideration, as it may subject the account owner to tax penalties; however, certain types of account closures are not subject to additional t... Read More »

Top Q&A For: What is the penalty for closing a Roth IRA early

How much is the penalty to take money out of a Roth IRA?

According to, "Unless an exception applies, most distributions from a Roth IRA before the owner reaches age 59 1/2 will be subject to an 'early withdrawal penalty' of 10% ..." Exc... Read More »

Penalty for Withdrawing From a Roth IRA?

Roth IRAs are one of the two main types of individual retirement accounts. Unlike a traditional IRA, contributions made to a Roth IRA are not tax-deductible. The upside of a Roth, however, is that ... Read More »

What Is the Penalty for Closing a Money Market Account?

Money market accounts are offered for customers who want to save their funds but need more liquidity than with a CD. Typically, these accounts offer higher interest rates than standard savings or c... Read More »

What Is the Penalty to Withdraw Roth Contributions?

Roth IRAs were introduced as an alternative retirement savings plan for individuals. The Roth IRA does not allow contributions to reduce your taxable income, but the money can be taken out of the a... Read More »