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#1
04-06-2007, 05:02 PM
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SEP IRA quesiton
So after I file as a pro, I can put close to 20% of my income into this SEP IRA. You cannot take it out except for $10,000 for your first house and for like emergency medical insurance and stuff.
If you take it out before that, there is a 10% withdraw penalty, on top of any other taxes. My question is this: If poker ends and I take a year off (effective tax rate = 0% or close, could I basically take this money out for 10% + whatever tax rate just that income is? (which would be kinda low i would imagine) Before you flame me, please know that I am not at all knowledgable about the tax law. Any help would be greatly appreciated. 
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#2
04-06-2007, 05:49 PM
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Re: SEP IRA quesiton
Pretty good question, I'd like to know this myself.
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#3
04-06-2007, 07:52 PM
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Re: SEP IRA quesiton
[ QUOTE ]
Pretty good question, I'd like to know this myself. [/ QUOTE ] Yeah if you weren't employed you could take it out with a 10%+whatever the marginal rate is. It'd be around 25-30% total I think depending on how much.
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