I want to close my IRA - are there any penalties?

With any IRA, there are often tax implications for early withdrawals or transfers (generally a 10% penalty and possibly federal and state income taxes and/or other penalties). If you are closing the Qapital IRA, you may wish to consider a rollover. The IRS allows for one rollover per year by withdrawing your funds and placing them into another qualified retirement account. You can learn more about the specifics from the IRS website or by consulting a tax specialist.


This information is for informational purposes only and is subject to change. It should not be considered legal or tax advice. Qapital does not provide legal or tax advice. If you have questions regarding your personal circumstances, please consult a tax or legal professional.

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