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Zip Taxes
Zip Taxes, Tax Preparer
Category: Tax
Satisfied Customers: 156
Experience:  CTEC Licensed / Mgmt Experience with H & R Block... Self Employed since 1986 Experienced in all Scheds
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I opened up an IRA less than a week ago by mistake. I meant

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I opened up an IRA less than a week ago by mistake. I meant to open up a IND. I deposited $5000 into the account I need to know what im looking at for penalties. Im 22 years old. what kind of fees am I looking at?

Zip Taxes :

Welcome to Just Answers, I will do my best to Answer your Question.

Zip Taxes :

Yes, you will get penalized unless you can "roll" it to the other account, then you should be safe.

Zip Taxes :

Be sure to contact that broker you are working with to make sure that happenes.

Zip Taxes :

But, if you pull it out.... you will get hit with a penalty

Customer:

they havent pulled the money out of my account if i just take it out the IRa wont get funded will that work the same way

Zip Taxes :

yes, perfect, you need to intercept it and then cancel the transaction

Customer:

I will be able to avoid those taxes by doing that.

Zip Taxes :

yes...

Zip Taxes :

be sure to keep the record of what you are doing though for the end of year

Customer:

good deal thanks. i appriciate your help!

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