The IRA Account's Closing Process

In order to close out IRA accounts, there are a few different things that you will have to do. Here are the basics of how to close out an IRA account.

Closing Your Account

The process of closing your IRA account should be very simple. You will need to ask your IRA provider for a form for this procedure. You will need to fill out the form with the appropriate information. You will also have to notify them how you want to collect the funds from the account. You will then need to return the forms to the IRA provider.

Funds

When it comes to getting the money back out of your IRA, there are a few different options that you will have. One option will allow you to get a check for the amount of money that is available. If you use this option and you are under the age of 59 1/2, they are going to keep 20 percent of the money for federal taxes. You will also have to pay a 10 percent penalty on the amount that you take out when you file your taxes. Your other option is to roll the funds into another retirement account.

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