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Back to FAQs
Does any penalty apply to me?
In the case of regular IRA accounts, the law provides a 10% penalty on the withdrawal if the person is younger than 60 of age and the purpose of the withdrawal is not one of these alternatives:
- Purchase of first residence
- Direct dependents’ college tuition
- Purchase of computer for a dependent
- Permanent disability
The law also provides for the necessary tests for these withdrawals.
