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I am considering transfering a Simple IRA account to my son's 529 education account. Am I subject to the 10% penalty if all of the money is not spent at once?
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I would not contact the IRS, you are not likely to get a straight answer. Talk with your tax or financial advisor. The answer depends on your age and other issue. You may be able to avoid a penalty by withdrawing up to $10,000 and use that amount for education expenses.Reply 198 weeks ago