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If I withdraw $10,000 from a traditional IRA to pay off

Customer Question

If I withdraw $10,000 from a traditional IRA to pay off debt, how does this affect me?
Submitted: 9 months ago.
Category: Tax
Expert:  Tax.appeal.168 replied 9 months ago.

Q: If I withdraw $10,000 from a traditional IRA to pay off debt, how does this affect me?

A: The $10,000 will be taxed as ordinary income, meaning added to other income, and if you younger than the age 59.5 years old, you will also get hit with a 10% early withdrawal penalty.

Let me know if I can be of further assistance to you regarding this matter.

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